MNI China Daily Summary: Thursday, January 9

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HUF: EURHUF Trend Condition Remains Bullish, Local Markets Remain Shut

HUF
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A firmer course for the HUF over the Christmas period has seen USDHUF pull back over 1.5% from cycle highs in the past week. Still, the pair remains above the 20-day EMA with the forint close to 12% weaker versus the greenback on a year-to-date basis – putting it among the weakest performing EM currencies globally (with only RUB and TRY performing worse across EMEA).

  • The broader trend condition for EURHUF remains bullish following the brief rally above resistance at 415.54, the Nov 29 high, earlier this month. A clear break would set sights on 418.50, a retracement level. Global risk sentiment and year-end flows will likely be the primary drivers amid the quiet economic calendar. December manufacturing PMI and November unemployment rate and trade balance figures are all due next week.
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A firmer course for the HUF over the Christmas period has seen USDHUF pull back over 1.5% from cycle highs in the past week. Still, the pair remains above the 20-day EMA with the forint close to 12% weaker versus the greenback on a year-to-date basis – putting it among the weakest performing EM currencies globally (with only RUB and TRY performing worse across EMEA).

  • The broader trend condition for EURHUF remains bullish following the brief rally above resistance at 415.54, the Nov 29 high, earlier this month. A clear break would set sights on 418.50, a retracement level. Global risk sentiment and year-end flows will likely be the primary drivers amid the quiet economic calendar. December manufacturing PMI and November unemployment rate and trade balance figures are all due next week.