Free Trial

Forint Holds Onto Monday’s Gains Amid Little Local News Flow

HUF
A firmer equity backdrop has supported EM FX today, with HUF among the top performers in CEE. EURHUF is down 0.50% at typing, putting the cross close to its intraday lows around 386.20 but still above support at the 50-day EMA. While there has been little in the way of domestic news flow, HUF price action has closely matched that of PLN – which has rallied following the election results. With no major releases on the local docket, price action of EURHUF will likely continue to be a function of the global picture this week.
  • Technically, EURHUF is in consolidation mode - the outlook remains bullish and the recent pullback is considered corrective. Support at the 50-day EMA, at 385.68, is intact for now. A breach of this average would be a bearish development and expose 378.24, the Aug 30 low. For bulls, key resistance is at 394.67, the Aug 3 high.

To read the full story

Close

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.