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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.
HUNGARY
- EURHUF ticks higher this morning after finding support at around 394.50, its LT upward trending support line.
- A break below that level would open the door for a move down to 392.30 (38.2% Fibo of the 352.40 – 416.90 range).
- This morning, the NBH decided to leave its 1W depo rate steady at 10.75% (as expected).
- The ease in risk aversion in recent weeks has been supporting the forint; however, renewed period of uncertainty could lead to new highs on the DXY, leaving the HUF vulnerable in the coming weeks.
- The chart below shows that EURHUF has strongly co-moved with the DXY index, which could be seen as a proxy of risk aversion, in the past year.
Source: Bloomberg/MNI
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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