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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.
HUNGARY
- Last month, the positive surprise in June CPI inflation combined with the series of legal disputes with the EU led to some HUF depreciation, which ended up being the second weakest performing currency among the CEEMEA market (after ZAR), down nearly 1.9% against the USD.
- However, the bearish trend has reversed sharply since the NBH decision to raise the policy rate by another 30bps on July 27 (vs. 20bps expected).
- HUF has been the best performing currency since then, up over 2.5% against the USD, with USDHUF erasing most of its July gains.
- USDHUF is currently testing its 200DMA at 298.20; next support to watch on the downside stands at 296.50 (50DMA), followed by 295.
Source: Bloomberg/MNI
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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