HUF: Forint Hits New Cycle High vs. JPY, PLN
Sep-03 09:03
The Hungarian forint has recovered well off Tuesday’s lows, with the move higher for the currency this morning tracking the recovery off lows for EURUSD. HUF is outperforming its regional peers today, with PLNHUF 0.2% lower on the session and at its lowest since October 2024.
- Meanwhile, ongoing underperformance of the Japanese yen has prompted an extension higher for HUFJPY, which is currently trading at a new cycle high. The 2024 highs are around 1.5% above current levels, a break of which would place the cross at its best level in a decade. Similarly, CZKJPY and PLNJPY are at/close to cycle highs as the focus on carry continues to benefit CE3 FX.
- For EURHUF, initial support is at 393.46, the year-to-date low recorded in mid-August. Below here, we flag the next notable technical level at 391.34, the 1.00 projection of the Jan 7 - Mar 21 - Apr 14 price swing.
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