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MNI China Daily Summary: Monday, October 23

MNI BRIEF: Inflation Down, Deficits Up - Bundesbank Report

MNI BRIEF: China To Reach Target of 5% GDP Growth - Lou Jiwei

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

BoC Data Watch

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

MNI BRIEF: Canada Needs CAD1 Trln To Fix Housing Squeeze- CMHC

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

EURHUF Approaches Intraday Lows

HUF
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  • EURHUF is trading 0.65% lower at typing and is close to its intraday lows. Previously noted technical levels remain in play, with the 20- and 50-day EMAs marking the important support levels to watch. Topside resistance is seen at 394.67, the Aug 3 high. Clearance of this level would resume the uptrend. HUF is among the top performers in the EMEA FX space, despite little change in wider market conditions (major equities little changed, USD close to flat).
  • Despite today’s losses, EURHUF sits ~0.8% stronger on the week, while technical conditions are still considered bullish. The recent uptick in natural gas forwards, triggered by labour disputes at Australian LNG plants and outages in Norway, could be providing an additional headwind to the HUF (see chart below) alongside the deterioration of risk sentiment in recent weeks.
  • Sell-side desks previously noted that the rally in natural gas in early-June was partly responsible for the move lower in the HUF, though the correlation between the two has decreased since, and is therefore unlikely to be a primary driver of the forint now.

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  • EURHUF is trading 0.65% lower at typing and is close to its intraday lows. Previously noted technical levels remain in play, with the 20- and 50-day EMAs marking the important support levels to watch. Topside resistance is seen at 394.67, the Aug 3 high. Clearance of this level would resume the uptrend. HUF is among the top performers in the EMEA FX space, despite little change in wider market conditions (major equities little changed, USD close to flat).
  • Despite today’s losses, EURHUF sits ~0.8% stronger on the week, while technical conditions are still considered bullish. The recent uptick in natural gas forwards, triggered by labour disputes at Australian LNG plants and outages in Norway, could be providing an additional headwind to the HUF (see chart below) alongside the deterioration of risk sentiment in recent weeks.
  • Sell-side desks previously noted that the rally in natural gas in early-June was partly responsible for the move lower in the HUF, though the correlation between the two has decreased since, and is therefore unlikely to be a primary driver of the forint now.