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Free Access‘Hawkish’ NBH Halts TRYHUF Momentum
- Until the recent NBH meeting on Tuesday, the HUF was the worst performing currency among the CEEMEA market, and was down nearly 3.50% against the US Dollar in the end of last end due to the rising inflationary pressures in addition to the series of legal dispute with the EU.
- On the other hand, the 'improvement in coordination' between Erdogan and the CBRT has led to some positive momentum in TRY this month, which is the best performing currency (up nearly 3% against the USD).
- Next big TRY even is CPI coming out next week (Aug 3rd), expecting to increase to 18.67% in July (up from 17.53% the previous month).
- Hence, the recent HUF strength following the NBH decision has halted the strong momentum on TRYHUF we saw in the first half of July.
- The pair has been testing its 100DMA resistance at 35.65 in the past few days; a break above that level would open the door for a move up to 36. Another key resistance stands at 36.33, which represents the 38.2% Fibo retracement of the 32.28 – 42.89 range.
- On the downside, first support stands at 35, followed by 34.78 (23.6% Fibo).
Source: Bloomberg/MNI
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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.