EUR/HUF will break down from a key support line

11 Jun 2020The pair will break down from a key support line, sending the pair lower towards a major support line. The single currency will continue to decline in the coming sessions due to disappointing results from Germany and the European Union. The EU’s largest economy reported a sharp decline in its import, export, and trade balance. Imports shrink by 16.5% while exports declined by 24.0%. Trade balance, on the other hand, was only $3.2 billion $19 billion prior to the coronavirus pandemic. However, there are some outperformers in the European Union. Hungary has been one of the fastest-growing economies in the region in 2019. However, the coronavirus pandemic causes a global recession and the OECD group now expects Hungary to contract by 8.0% this 2020. Despite this, Hungary’s finance minister reassured investors that the country is on the right path towards recovery. Mihály Varga expects Hungary to grow by 4.8% in 2021.