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Free AccessEURHUF Retraces Earlier Gains, Close to Flat on the Day
EURHUF has reverted back to flat on the day, erasing the minor bounce to 392.27 post since the European open. HUF is mid-table among regional peers Wednesday, with ZAR the primary outperformer.
- The more supportive global equity backdrop and smooth absorption of last week's ECB hike has been key to the HUF recovery since Monday, allowing the currency to revert higher despite relatively little domestic newsflow. Key support and the bear trigger has been defined at 372.38, the Mar 1 low, while initial firm support is seen at 387.77, the 20-day EMA.
- Nonetheless, a resumption of the Dec - Feb downtrend remains to be seen. With HUF still carrying a sizeable risk premium, a further breakout of the US/Europe banking crisis or a negative market reception to the Fed dot plot today could re-open 404.35, the Jan 3 high and key upside level.
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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.