HUF: Heading To HUF250.00/EUR By End-2010

The Hungarian forint has remained relatively stable since the beginning of Q309, with the unit trading within a narrow range between HUF264.00-280.00/EUR. HUF280.00/EUR has been a particularly strong level of trendline support on the downside, with the currency's bounce off this level on December 17 followed by appreciation back to HUF265.68/EUR at one point on January 14. Going forward, we highlight that a firm breach of HUF264.00/EUR would be a particularly bullish signal, and set the currency up for appreciation to HUF250.00/EUR.

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