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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.
HUF
- While EURHUF has returned below the 50-day EMA at 385.10, having pierced that average earlier in the session, the cross stands 0.4% in the green at typing, placing the forint close to the bottom of the EMEA FX pile.
- The uptick in the USD index and core FI yields during early European trade has been providing a headwind to EMFX, with the latest recovery in EUR back to flat following the stronger-than-expected German IFO data struggling to provide any meaningful reprieve.
- From a technical standpoint, the clear break below the 50-day EMA in EURHUF last week – a well-respected support level in September – was a strong bearish development. Though brief, today’s move back above that average could signal scope for an extension toward key resistance at 394.67, the Aug 3 high. Clearance of this level would resume the previous uptrend and open 402.45, the Mar 20 high, further out.
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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