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HUF: Weakness Gathers Pace, Putting EUR/HUF on Course for Strong Weekly Close

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

EUR/HUF extends the day's outperformance to put the cross at new highs and course for a strong weekly close. No specific newsflow or headlines to drive the move here outside of the soft set of European PMI numbers this morning, which may be helping EUR/HUF extend the recovery off the 200-dma support from earlier this week.

  • Orban was on public radio this morning, detailing the gains to be made from economic neutrality (i.e. Softening of Russian sanctions) and underscored his confidence that the Hungarian economy would enjoy an upswing later this year - although details were scant as markets await his SONA address this weekend - which should shed more light.
  • Strength in the cross seemed to gather pace on a break of 403.83, the 23.6% retracement for the downleg off the YTD high, which makes 406.28 the next notable upside level.
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EUR/HUF extends the day's outperformance to put the cross at new highs and course for a strong weekly close. No specific newsflow or headlines to drive the move here outside of the soft set of European PMI numbers this morning, which may be helping EUR/HUF extend the recovery off the 200-dma support from earlier this week.

  • Orban was on public radio this morning, detailing the gains to be made from economic neutrality (i.e. Softening of Russian sanctions) and underscored his confidence that the Hungarian economy would enjoy an upswing later this year - although details were scant as markets await his SONA address this weekend - which should shed more light.
  • Strength in the cross seemed to gather pace on a break of 403.83, the 23.6% retracement for the downleg off the YTD high, which makes 406.28 the next notable upside level.