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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 consolidating lower in recent days, currently testing its 50DMA at 399.30.
- A break below that level would open the door for a move down to 398.30 (upward trending support line).
- On the topside, resistance to watch stands at 406.
- We have seen in recent months that the HUF has been driven by the geopolitical uncertainty and risk aversion (i.e. strong co-movement between DXY index and EURHUF in the past year).
- Yesterday, economic data showed that manufacturing PMI continues to remain well above the 50-line threshold, diverging significantly from CEE/Euro PMI data that have all fallen below 50 as recession risks have been surging since the start of the war (see chart).
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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