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

EMERGING MARKETS: CEEMEA FX Price Signal Summary -  Corrective EURHUF Pullback

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • A bull cycle in EURHUF remains intact and the latest pullback appears to be a correction. Recent gains resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the Mar 20 high. Further out, sights are on 404.35, the Jan 3 high, and 408.77, the 61.8% retracement of the Oct 2022 - Jun 2023 bear leg. Initial firm support lies at 397.52, the 20-day EMA.  
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Clearance of this level would open 4.3460, the Jun 19 high. Initial firm support is at 4.2870, the 50-day EMA. Support below the average, is at 4.2689, the Sep low.
187 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.
  • A bull cycle in EURHUF remains intact and the latest pullback appears to be a correction. Recent gains resulted in a breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. These two levels represented a key hurdle for bulls and the break confirms a resumption of the medium-term uptrend. With the 400.00 handle cleared, scope is seen for an extension towards 402.45 next, the Mar 20 high. Further out, sights are on 404.35, the Jan 3 high, and 408.77, the 61.8% retracement of the Oct 2022 - Jun 2023 bear leg. Initial firm support lies at 397.52, the 20-day EMA.  
  • EURPLN maintains a firmer tone following the bull cycle that started on Sep 25. This suggests that the latest sell-off is likely a correction. The cross has recently cleared resistance at 4.3043, the Sep 12 high. The clear break is bullish and opens 4.3309, the Aug 9 high and the next key resistance. Clearance of this level would open 4.3460, the Jun 19 high. Initial firm support is at 4.2870, the 50-day EMA. Support below the average, is at 4.2689, the Sep low.