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EUR/HUF in highs around 288.00/50

FXstreet.com (Barcelona) - The Hungarian forint is trimming yesterday gains, climbing from highs around 286.00 to the current area of 288.00/50 despite the lower unemployment rate.

The jobless rate in the Hungarian economy ticked lower to 11.0% in the three months ended in April, lower than the 11.8% previous. It is worth noting that the NBH lowered the refi rate on Tuesday by 25 bps to 4.50%, broadly in line with market expectations. “While we see market pricing as consistent with our expectation that the easing cycle will extend until August, the uncertainties we highlight about inflation, economic growth, and market conditions allow for variation in expectations on the 3-6m horizon. The NBH will not clear these uncertainties, but changes in the statement may partly anticipate them”, assessed Strategist Marcin Budkiewicz at TD Securities.

At the moment, the cross is up 0.42% at 288.64 with the next resistance at 292.72 (high May 23) ahead of 295.85 (high May 14) and then 296.60 (MA100d). On the downside, a dip below 284.40 (low Dec.21 2012) would bring 283.50 (high Nov.15 2012) and finally 282.00 (daily pivot Nov/Dec).

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