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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.
HUF
EURHUF has traded in a relatively narrow range today, marginally lower on the session at typing. Yesterday, the cross closed below the 50-day EMA for the first time since Sep 01, an average that had been very well respected over the last month. Additionally, we have also broken below trendline support (see image below), potentially bolstering the bearish technical development. The next notable support level is at 378.24, the Aug 30 low.
- As a reminder, the Hungarian minister for EU funds said yesterday that talks will be held tomorrow regarding frozen monies. While he does not expect a deal to be reached Thursday, he said he still sees the funds being unlocked by the end of next month. Positive developments on this front could further support the HUF moving forward.
- Strong performance of the forint has been apparent despite the risk-off tone surrounding further escalations in Israeli-Palenstian matters - a prominent theme in global markets. While global risk-off events could err the NBH to act on the side of caution with regard to future rate cuts, a continuation of favourable developments in domestic data may instead facilitate a resumption of large-scale rate cuts from the NBH. The erosion of Hungary's favourable rate differential in such an event may limit additional HUF gains. The next central bank meeting is scheduled on Oct 24.
Why MNI
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.
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