MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

HUF: EURHUF Targets 50-Day EMA as Forint’s Recovery Gains Momentum

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

USDHUF has extended the pullback from last week’s high, down 0.5% today and 1.7% lower over the past three sessions. A solid uptick in EURUSD is the most likely catalyst behind recent forint strength, with moderate session gains also recorded for the Polish zloty and Czech koruna.

  • Meanwhile, EURHUF is approaching initial resistance at the 50-day EMA, intersecting at 394.00. A break here could expose the cluster of lows found around the 392 mark. On the other hand, outperformance of the Japanese yen has prompted a 0.2% extension lower in HUFJPY. The cross now sits over 4% lower on the month and is narrowing the gap to the Aug 5 low – its lowest level since April 2023.
  • There are no local data releases scheduled for today, or for the entirety of the rest of the week. Attention therefore turns to the FOMC rate decision on Wednesday given the importance the NBH has placed on the decisions of major central banks on Hungary’s own easing cycle.
164 words

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.

USDHUF has extended the pullback from last week’s high, down 0.5% today and 1.7% lower over the past three sessions. A solid uptick in EURUSD is the most likely catalyst behind recent forint strength, with moderate session gains also recorded for the Polish zloty and Czech koruna.

  • Meanwhile, EURHUF is approaching initial resistance at the 50-day EMA, intersecting at 394.00. A break here could expose the cluster of lows found around the 392 mark. On the other hand, outperformance of the Japanese yen has prompted a 0.2% extension lower in HUFJPY. The cross now sits over 4% lower on the month and is narrowing the gap to the Aug 5 low – its lowest level since April 2023.
  • There are no local data releases scheduled for today, or for the entirety of the rest of the week. Attention therefore turns to the FOMC rate decision on Wednesday given the importance the NBH has placed on the decisions of major central banks on Hungary’s own easing cycle.