CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

CEEMEA FX Price Signal Summary: USDTRY Tests Support at The 50-Day EMA

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish. The cross recovered last week from Wednesday’s low of 393.89, just below the 20-day EMA. Attention is on resistance at 402.91, the Jun 13 high. This level has been breached today and a clear break would confirm a resumption of the uptrend plus open the 410.00 handle. Moving average studies remain in a bull mode, highlighting current trend conditions. On the downside, a break of 393.89, the Jun 22 low, is required to signal a potential top.
  • EURPLN recovered last week from its low of 4.6262 on Jun 21. Price remains below key resistance at 4.7279, Apr 26 high and 4.7446, the Jun 16 high. A clear break of this resistance zone is required to strengthen bullish conditions and would open 4.7867, the Mar 25 high. Weakness below 4.6262 would mark a short-term bearish development and attention would turn to the 4.6000 level and the key short-term support at 4.5588, Apr 6 low.
  • USDZAR continues to consolidate. The pair recently found support at 15.1685 on Jun 9, and the move higher from the low highlights a reversal. Attention is on 16.3237, the May 16 high and a bull trigger. Initial firm support is seen at 15.6723, the 50-day EMA. Key support has been defined at 15.1685.
  • USDTRY reversed direction Friday and earlier today traded lower. The move down highlights the first real threat to the uptrend that started Dec 23 2021. Also, today’s move lower means the 50-day EMA, at 16.1802, has been tested for the first time since the Dec low. The EMA has provided support. It represents an important pivot area - a clear break would signal scope for a deeper pullback. Key resistance is at 17.4446, the Jun 22 high.
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.