In the absence of further sizable policy rate hikes, EUR/HUF remains exposed on the upside. Analysts at Credit Suisse drop their EUR/HUF target of 385.

More rate hikes are needed

“The break in EUR/HUF well above the 400 mark leads us to drop our short-term target of 385.” 

“We still see scope for some short-term retracement (e.g. to the 395 area) after a sizable rally. But in the absence of further sizable policy rate hikes EUR/HUF remains exposed on the upside.”

“Further increases to the 420 area later in Q3 now look on the cards.”