USD/HUF will break down from a steep uptrend channel resistance

The pair will break down from a steep uptrend channel resistance line. Analysts anticipate Hungary to retain its GDP growth of 4.5% in today’s trading session. Hungary is one of the fastest growing economies in the European Union. Its low exposure to the German economy gave investors relief that Budapest will outperform the broader EU economy. Meanwhile, the US is also set to publish its gross domestic product (GDP) report today, February 27. On January 30, Washington published the fourth and final GDP results for 2019. The country was able to tap expectations of 2.1%, which is also the same figures for the third quarter. However, the threat of coronavirus creeps on the report to be published today. The COVID-19 originated from Wuhan, China. As the Chinese government prioritizes the virus, it may not fulfill its obligations under the phase one trade deal with the US. This, in turn, might spark the continuation of the US-China trade war.