EUR/HUF off highs after NBH decision, near 313.00

The Hungarian forint is trading on the defensive vs. the common currency today, with EUR/HUF currently hovering over the 313.00 handle.

EUR/HUF steady after NBH

The cross is recovering part of the ground lost on Monday, retaking the 313.00 mark after the Hungarian central bank left its monetary stance unchanged at today’s meeting, with the refi rate at 0.90%, broadly in line with prior surveys.

In the meantime, the cross is extending its rejection from post-Brexit tops around 323.00, although so far finding decent support in the mid-311.00s.

EUR/HUF relevant levels

At the moment the cross is gaining 0.22% at 312.97 facing the next hurdle at 314.53 (55-day sma) followed by 314.91 (20-day sma) and then 316.46 (high Jul.18). On the other hand, a breakdown of 311.07 (low Jul.25) would expose 309.56 (low Jun.8) and finally 308.12 (low Apr.21).