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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
The Hungarian Forint is currently the strongest currency among its CEEMEA peers, trading 1.04% higher against the euro at 395.92 (EURZAR +0.61%; EURPLN +0.21%). HUF strength is being underpinned by the bounce in the Euro with the renewed greenback weakness leading USDHUF (-1.74%) to briefly trade at fresh 7-month lows.
- There is little in the way of domestic news flow driving price action, with the move more broadly reflecting the firmer global risk sentiment thanks to news out of China (support for developers, easing Aussie coal import ban, etc.)
- Downside momentum for the pair picked up following the break of 398.30, the Nov/Dec lows which has seen the pair narrow the gap with the next significant support of 394.07, the Sep 8 low. Below here would turn attention towards the August lows at 391.55, which would represent a seven-month low. Initial resistance is at 405.85, the 50-day EMA.
- Similar optimism seen across the sovereign curve with 10Y domestic Hungary bond yields trading 45bp lower. Of note, Hungary opened books on a three-part benchmark bond offering in dollars, with the country seeking to finance its budget and current account shortfalls as a chunk of its European Union funding remains frozen. The country is offering new five-year, 10-year and 30-year notes.
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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