Free Trial

EURHUF Pierces 50-Day EMA as Forint Slightly Underperforms CE3 Peers

EURHUF has traded on either side of the 50-day EMA at 351.47 in recent trade. The cross matched that average to the pip yesterday, and pierced, but failed to close above, on two instances in October. A close above would therefore be a strong bullish signal and could indicate scope for a more sustained move higher toward 384.23, the Nov 1 high.
  • The cross is 0.20% higher on the day despite incohesive moves across global markets – China equities traded lower while European PMIs have generally been stronger than expected, lending support to the major European benchmarks. That places the HUF toward the bottom of the EMEA FX pile overall, with this morning’s slightly stronger-than-expected domestic trade surplus and manufacturing PMI figures doing little to move the needle.
  • Attention turns to the presentation of Hungary’s financing plan for next year at 0900GMT/1000CET.

To read the full story



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.