EUR/HUF to edge lower near-term, Forint to resume underperformance in 2024 – Commerzbank

FXStreet Insights Team FXStreet

The Forint rallied strongly over the past month. Economists at Commerzbank see the HUF staying strong during 2023 but once again in 2024, they forecast a weaker Forint when the Euro resumes depreciating.

HUF underperformance will likely resume during 2024

“HUF’s rally might extend modestly further in the near-term as inflation begins to moderate – in this window, we see EUR/HUF in the 380 range.”

“We forecast a weaker Forint subsequently in 2024 when inflation proves stubborn globally, and the Euro resumes depreciating.”

Source: Commerzbank Research

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD hovers around 1.3450 amid upbeat mood, ahead of ADP

GBP/USD is inching higher above 1.3450 in European trading on Wednesday, helped by reduced haven appeal for the US Dollar as markets cheer a potential US-Iran deal on the Strait of Hormuz reopening. The decision is due later in the day. Traders also look forward to the US ADP and ISM Services PMI data.

EUR/USD keeps range near 1.1550 on Hormuz reopening optimism

EUR/USD holds ground near 1.1550 in the early European hours on Wednesday. The pair stays supported amid hopes for a US-Iran deal on the reopening of the Strait of Hormuz, which lifts risk sentiment and keeps the safe-haven US Dollar on the back foot. The US ADP Employment data and ISM Services PMI report are in the spotlight alongside Mideast headlines.

USD/INR: Indian Rupee eases from monthly highs after RBI's neutral hold

Indian Rupee is easing from its highest level in a month above the 95.00 level against the US Dollar on Wednesday, holding gains after the Reserve Bank of India (RBI) held the Repo Rate at 5.25%, as expected, maintaining a neutral stance amid still-modest inflation.

Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – BTC eyes breakout, ETH consolidates, XRP finds stability

Bitcoin, Ethereum and Ripple move toward the key technical levels on Wednesday, which could determine the next directional bias. BTC is near the 50-day Exponential Moving Average, ETH trades sideways while XRP is showing signs of stabilization.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.