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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
- CEE currencies have experienced strong selling pressures this month despite central banks hiking rates aggressively.
- The renewed restrictions imposed by the governments to limit the downside risk of another wave of infections should lead to a significant downward revision in growth expectations.
- HUF is one of the weakest performing currencies in the EM world, down nearly 5% against the US Dollar.
- Weakness in the forint has also been weighing on risky assets; BUX index is down nearly 10% since its all-time high reached earlier this month.
- The index broke below its 100DMA support (51,496) today and tested its 50,503 support earlier, which corresponds to the 23.6% Fibo retracement of the 31,952 – 56,233 range.
- Next key support to watch on the downside stands at 48,164 (200DMA).
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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