HUF: PLNHUF Lower for Fifth Consecutive Session, Narrows Gap to YTD Low
Jun-04 08:50
- The Hungarian forint has settled within a relatively narrow range Wednesday morning, taking cue from the somewhat more stable USD Index compared to the past two sessions. The local currency continues to outperform the zloty following the Polish presidential election over the weekend, with PLNHUF trading lower for the fifth consecutive session and spot nearing the May 19 YTD low at 93.88. Note that the cross closed below a key trendline support drawn from the May and July 2024 lows yesterday as well.
- USDHUF is 0.4% lower at typing but still within the week’s range. The pair touched a new year-to-date low earlier in the week amid broad-based greenback weakness, with focus now turning to a cluster of lows found between the 351-352 handles. On a YTD basis, the Hungarian forint has recorded the greatest spot gains versus the dollar out of a basket of major emerging market currencies, with the more hawkish profile of the NBH relative to that of its regional peers assisting the forint from a carry perspective.
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JPY: Testing high against the EUR and the Pound
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- Worth keeping an eye on the Yen (nothing fast nor big), testing session high against the Pound and the EUR.
- The Dollar and the AUD are still lagging, but price action should still be somewhat limited with the Focus on the Fed this Week.
- Small support in USDJPY is seen towards 143.73 (Friday's low) initially, but did trade as low as 142.88 last Thursday.
