Free Trial

EURHUF Extends Higher as EUR Slips

HUNGARY
EURHUF trading 0.75% higher as the recent slippage in the EUR provides headwind to the euro-proxy forint. Price is above the 50-day EMA, which intersects today at 387.76. A continuation higher would open 400.00 and 401.20, the Jan 17 high. On the downside, key support and the bear trigger has been defined at 372.38, the Mar 1 low. Initial support is at 382.45, the 20-day EMA.
  • Note the Budapest Stock Index is shut today as Hungary celebraters its National Day. The next key risk event is the ECB rate decision tomorrow afternoon. A Reuters ECB report has suggested that policymakers will stick to a 50bps rate rise this week, a move which could spark further selling across HUF and other high yielders, particularly given the waning expectations of tightening leading into the decision.

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.