DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EURHUF Extends Monday Losses

HUNGARY

The forint is leading EMEA FX gains today as market concerns over US and European banks continue to subside. The forint was one of the hardest hit currencies last week, with the EURHUF cross erasing all of its YTD losses and rising to a high of 402.45 yesterday as investors sought a flight to quality.

  • EURHUF now trades 2.77% below that high, with key support and bear trigger defined at 372.38, the Mar 1 low. Initial firm support is at 387.35, the 20-day EMA.
  • USDHUF has declined an impressive 1.4% on the session and price is narrowing in on its 50-day simple moving average at 361.11.
  • Prior to the SVB-led market panic, Deputy Governor Virag explained that the improvement in risk does not yet warrant a rate cut, and that the key rate would remain at an EU-high 13% “for some time”. The significant weakening of HUF will likely mean the NBH maintain their hawkish tone at next week’s central bank meeting.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.