MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

HUF: EURHUF Trades Near 390.00 Amid Broader Weakness Across CE3 FX

HUF
BulletEM BulletEmerging Market News
  • USD demand and a fade off highs in the major European equity benchmarks at the start of the session has kept the pressure on EM FX, with EURHUF trading just above the 390.00 handle at typing. Performance of the forint is in-line with that of its CE3 peers as global factors continue to be the primary catalysts behind FX price action in the region (PLNHUF: -0.03%; CZKHUF: +0.02%).
  • For EURHUF, the rally last week resulted in a break of both the 20- and 50-day EMAs, signalling scope for a continuation higher near-term. Attention turns to trendline resistance at 391.94, drawn from the Mar 12 high. To resume the downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • Looking ahead, the final reading of 1Q GDP data, industrial production and retail sales figures will all cross later in the week.
142 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.
  • USD demand and a fade off highs in the major European equity benchmarks at the start of the session has kept the pressure on EM FX, with EURHUF trading just above the 390.00 handle at typing. Performance of the forint is in-line with that of its CE3 peers as global factors continue to be the primary catalysts behind FX price action in the region (PLNHUF: -0.03%; CZKHUF: +0.02%).
  • For EURHUF, the rally last week resulted in a break of both the 20- and 50-day EMAs, signalling scope for a continuation higher near-term. Attention turns to trendline resistance at 391.94, drawn from the Mar 12 high. To resume the downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • Looking ahead, the final reading of 1Q GDP data, industrial production and retail sales figures will all cross later in the week.