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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
- EUR/HUF trades -0.20% lower this morning, pulling away from the 360 level in early trading.
- The cross fell -0.31% in yesterday's session for a +0.53% weekly gain after decisively beaching the 200dma in Monday's session. On the data front, manufacturing PMIs fell to 52.1 from 55.9 – missing estimates for 54.5 by some distance and marking a second successive month of decline.
- Additionally, trade balance data printed softer than the prior month at -21pbn vs -193. The focus this afternoon shifts to US ISM and manufacturing PMI data for global risk drivers.
- The cross is now showing more reversal momentum after finding sellers again around key resistance at 360, with the 200dma (356.70) the next major support followed by the 38.2% fib at 355.73.
- The RSI has also just left overbought conditions, combined with signs of the MACD histogram rolling over – adding to potential signs of a reversal on the technical front.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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