MNI BRIEF: China Q2 GDP Impacted By Bad Weather - NBS

MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

MNI: CANADA MAY WHOLESALE SALES -1.4%; EX-AUTOS -0.1%

MNI: CANADIAN MAY MANUFACTURING SALES +0.4% MOM

MNI: US NY FED EMPIRE STATE MFG INDEX -6.6 JUL

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CEE FX: CEE FX: HUF Gains Moderate as EURPLN Remains Close to 4.25

CEE FX
BulletEM Bullet

Lower US yields continue to be the primary tailwind to CE3 FX, with all three currencies moderately in the green against the euro. Most notably, EURPLN continues to trade close to 4.25, a key support level which the cross has not closed below since early 2020. HUF had been outperforming its peers earlier in the session, but its gains against the single currency have moderated through the NY crossover. Consequently, PLNHUF has returned back above the 100-DMA, standing marginally in the green at typing. Full technical update below:

  • EURHUF bearish conditions remain intact. The cross traded lower Friday to confirm a resumption of the current downtrend and price is trading at its recent lows. The move down signals scope for an extension towards 382.34, the Feb 1 low, ahead of the 380.00 handle. Note that moving average studies have recently crossed into bear-mode position, highlighting a downtrend. Initial firm resistance is at 389.30, the 50-day EMA.
  • EURPLN is trading at its recent lows and a bear cycle that started Apr 16, remains in play. The cross is also challenging key support at 4.2527, the Apr 9 low. A clear break of this level would confirm a resumption of the medium-term bear trend and open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing. Firm resistance is at 4.2949, the 50-day EMA. Initial resistance is at the 20-day EMA, at 4.2777.
  • Familiar technical levels remain in play for EURCZK - losses past the May 16 low of 24.641 could revive bearish sentiment, drawing attention to the Jan 8 YTD low of 24.458. On the flip side, a move through the 200-DMA (24.780) could expose the 100-DMA (25.100).
280 words

To read the full story

Close

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.

Lower US yields continue to be the primary tailwind to CE3 FX, with all three currencies moderately in the green against the euro. Most notably, EURPLN continues to trade close to 4.25, a key support level which the cross has not closed below since early 2020. HUF had been outperforming its peers earlier in the session, but its gains against the single currency have moderated through the NY crossover. Consequently, PLNHUF has returned back above the 100-DMA, standing marginally in the green at typing. Full technical update below:

  • EURHUF bearish conditions remain intact. The cross traded lower Friday to confirm a resumption of the current downtrend and price is trading at its recent lows. The move down signals scope for an extension towards 382.34, the Feb 1 low, ahead of the 380.00 handle. Note that moving average studies have recently crossed into bear-mode position, highlighting a downtrend. Initial firm resistance is at 389.30, the 50-day EMA.
  • EURPLN is trading at its recent lows and a bear cycle that started Apr 16, remains in play. The cross is also challenging key support at 4.2527, the Apr 9 low. A clear break of this level would confirm a resumption of the medium-term bear trend and open 4.2131, the 1.00 projection of the Jan 17 - Apr 9 - Apr 16 price swing. Firm resistance is at 4.2949, the 50-day EMA. Initial resistance is at the 20-day EMA, at 4.2777.
  • Familiar technical levels remain in play for EURCZK - losses past the May 16 low of 24.641 could revive bearish sentiment, drawing attention to the Jan 8 YTD low of 24.458. On the flip side, a move through the 200-DMA (24.780) could expose the 100-DMA (25.100).