Free Trial

10Y Yield Gradually Approaching Key Resistance at 4%

  • Grappling with surging coronavirus cases and a stalled vaccination program, Hungary allowed companies to force staff to get a Covid-19 vaccine as a condition of employment (BBG).
  • This morning, economic data showed that average gross wages accelerated to 8.9% YoY in August, up from 7.9% the previous month, but came in below expectations (9.5%).
  • HUF has experienced bullish retracement in the past few days after indicators were showing that the pair was 'oversold' following its sharp depreciation in recent weeks.
  • EURHUF has been consolidating lower this week after reaching a local high at 367 on Monday; next support to watch on the downside stands at 360, followed by 356.80 (200DMA).
  • USDHUF retraced sharply lower yesterday and is currently trading below the 310 level; next support to watch on the downside stands at 305. On the topside, first resistance stands at 315.
  • Hungary 10y yield continues to retrace higher, gradually approaching its key resistance at 4%. On the downside, first support to watch stands at 3.78%.

Source: Bloomberg

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.