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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 higher this week after finding support at the 392.52 level, which corresponds to the 38.2% Fibo retracement of the 352.40 – 416.90 range.
- A break below that level would have opened the door for a move down to 389.40 (100DMA).
- Key resistance to watch on the topside stands at 399.30 (50DMA), followed by 404.60.
- Yesterday, economic data showed that CPI inflation saw a significant 0.7pp forecast beat in the July data, jumping 2.0pp to 13.7% y/y. This is the highest reading since the Summer of 1998.
- Even though the NBH is likely to keep its 1W depo rate unchanged at 10.75% on August 11, we could see further readjustment on base and 1W depo rates in the coming weeks if risk aversion remains high and USD starts to surge again.
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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