The Hungarian National Bank (MNB) is widely expected to leave its base rate unchanged at 6.50% at today’s meeting, continuing its prolonged policy hold for the thirteenth consecutive month.
EUR/HUF continues its steady decline, with the pair drifting toward the crucial 383/382 support zone at the base of its descending channel, Société Générale's FX analysts note.
EUR/HUF has staged a strong rebound after touching the lower end of its multi-month range near 386. The pair is now testing the 50-day moving average, a key resistance that has limited gains since June, Société Générale's FX analysts note.