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EURHUF Testing LT Upward Trending Support Line

HUNGARY
BulletEM BulletEmerging Markets
  • EURHUF has been testing its LT upward trending support line; a break below that level would open the door for a move down to 392.30 (38.2% Fibo retracement of the 352.40 – 416.90 range).
  • On the topside resistance to watch stands at 399.30 (50DMA).
  • As expected, the NBH decided to leave its 1W depo rate steady at 10.75% yesterday as recent HUF strength has been giving Hungary policymakers a ‘breather’.
  • This morning, economic data showed that industrial production rose more than expected at 4.8% YoY in June (vs. 3.4% exp.).

Source: Bloomberg/MNI

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  • EURHUF has been testing its LT upward trending support line; a break below that level would open the door for a move down to 392.30 (38.2% Fibo retracement of the 352.40 – 416.90 range).
  • On the topside resistance to watch stands at 399.30 (50DMA).
  • As expected, the NBH decided to leave its 1W depo rate steady at 10.75% yesterday as recent HUF strength has been giving Hungary policymakers a ‘breather’.
  • This morning, economic data showed that industrial production rose more than expected at 4.8% YoY in June (vs. 3.4% exp.).

Source: Bloomberg/MNI