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Forex: EUR/HUF intensifies the downside

FXstreet.com (Barcelona) - The Hungarian forint is appreciating against the euro on Thursday, after inflation figures in the domestic economy rose at an annually pace of 2.2% during March, easing from February’s +2.8%.

After yesterday’s dovish tone from the NBH minutes, Analyst C.Maggio at TD Securities concluded, “there still seems to be ample room for monetary easing, in gradual 25bp steps that could be temporarily halted in case of sharply rising risk aversion. For these reasons, we have added another 100bp of easing to our prior forecast and now expect the base rate to fall to 3.75% in Q3 and to stay unchanged throughout 2014”.

EUR/HUF is down 0.12% at 296.50 with the next support at 294.10 (low Mar.1) ahead of 293.40 (MA100d) en route to the psychological level at 290.00.
On the flip side, a break above 300.30 (MA10d) would bring 308.55 (high Mar.18) and then 313.48 (high Jan.13 2012).

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