EUR/HUF climbs to highs above 314.00

The Hungarian Forint is now accelerating it depreciation vs. the single currency, sending EUR/HUF to the area of daily highs above 314.00.

EUR/HUF up post-MNB

The cross met renewed buying pressure after the Hungarian central bank (MNB) left its monetary stance unchanged at today’s meeting at 0.90%, broadly matching prior estimates.

HUF is thus giving away part of yesterday’s strong gains to the mid-312.00s, or multi-day tops vs. EUR, as the risk-on bias keeps dominating the broader FX space ahead of the EU-UK Referendum on Thursday.

EUR/HUF relevant levels

At the moment the cross is gaining 0.43% at 314.38 facing the next hurdle at 316.06 (high Jun.16) followed by 316.47 (78.6% Fibo of 318.36-309.56) and then 318.36 (high May 23). On the other hand, a breakdown of 312.37 (low Jun.20) would expose 311.63 (23.6% Fibo of 318.36-309.56) and finally 309.56 (low Jun.8).