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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
- EURHUF has been retracing slightly higher this morning following NBH decision to leave its 1W depo rate unchanged at 4%.
- It seems that traders have been disappointed by the NBH's decision to pause its tightening cycle (1W depo rate unchanged since the start of the year); the forint has been consolidating against major crosses in the past week.
- EURHUF found support at 355.40 earlier (61.8% Fibo retracement of 345.10 – 372 range) and is currently trading slightly below its200DMA (357.60).
- A break above that level would open the door for a move up to 361.30 (100DMA).
- Renewed HUF weakness in the ST could push NBH policymakers to start raising the 1W depo rate again; some investors are pricing in a higher terminal rate at 4.5%.
- Support to watch below 355.40 stands at 351.50 (76.4% Fibo retracement).
Source: Bloomberg/MNI
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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