MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

Activity data stronger-than-expected; little impact on near-term monpol

MNI: GERMANY JUNE FINAL HICP +2.5 % M/M, +0.2% Y/Y

MNI: GERMAN JUN CPI +2.2 % Y/Y

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

CEEMEA FX Price Signal Summary: EURHUF Bears Eye Key Support

EMERGING MARKETS
  • EURHUF has continued to trade lower this week. The recent rally stalled just ahead of the 50-day EMA on Jan 24. The 50-day average- at 361.12 - represents a key short-term resistance and a clear break of it would signal scope for a stronger rally towards 363.78, 61.8% of the Dec 24 - Jan 13 downleg. Moving average studies still highlight a broader bearish condition. A continuation lower would refocus attention on 350.88, the Jan 13 low.
  • EURPLN has pulled away from its recent highs. The recovery from 4.5088, Jan 20 low did result in a break of the 20-and 50-day EMAs. An extension higher would signal scope for a rally towards 4.6180, 23.6% of the downleg between Nov 23 - Jan 20. Gains are still considered corrective and a stronger sell-off would refocus attention on the 4.5088 bear trigger. A break of this level would confirm a resumption of the downtrend and expose 4.5010, the Sep 1 low.
  • USDZAR remains above 15.0669, Jan 21 low. The recent move higher means that trendline support, at 15.0367 today, has remained intact - the trendline is drawn from the Jun 7, 2021 low. This trendline represents a key support and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. Key short-term resistance has been defined at 15.7559, the Jan 31 high. A break would be positive.
  • USDTRY remains in consolidation mode around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 12.8828 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB maintains a weaker tone following the reversal last week from 80.4155, the Jan 26 high. A bearish engulfing candle formation on Jan 27 is still in play and this pattern provided an early warning of a short-term shift in sentiment. The pullback has opened 75.4355 next, the 50-day EMA. A clear break would expose 74.3819, the Jan 12 low. The bull trigger is at 81.4155.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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.