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EURHUF Breaks Below 50DMA Support

HUNGARY
  • EURHUF continues to retrace lower this morning, breaking below its 50DMA (399.40) and gradually approaching its ST support at 397 (MT upward trending support line).
  • Next key level to watch on the downside stands at 393, followed by 390.
  • On the topside, resistance to watch stands at 400, followed by 406.
  • The NBH is expected to leave its 1W depo rate steady at 10.75% on Thursday, Aug 4, as the ease in risk aversion in the ST should continue to support the forint.
  • This morning, economic data showed that retail sales rose by 4.5% in June (vs. 8.3% exp.), down from revised 10.9% the previous month.

Source: Bloomberg/MNI

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  • EURHUF continues to retrace lower this morning, breaking below its 50DMA (399.40) and gradually approaching its ST support at 397 (MT upward trending support line).
  • Next key level to watch on the downside stands at 393, followed by 390.
  • On the topside, resistance to watch stands at 400, followed by 406.
  • The NBH is expected to leave its 1W depo rate steady at 10.75% on Thursday, Aug 4, as the ease in risk aversion in the ST should continue to support the forint.
  • This morning, economic data showed that retail sales rose by 4.5% in June (vs. 8.3% exp.), down from revised 10.9% the previous month.

Source: Bloomberg/MNI