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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
- Selling pressure on HUF remains elevated despite yesterday’s NBH ‘surprising' hike.
- As a reminder, the central bank decided to raise its 1W depo rate by 50bps to 7.25% (vs. unchanged exp.).
- EURHUF hit a low at 394.50 yesterday morning following the decision before edging back towards the 400 level.
- As we previously mentioned, the HUF remains driven by geopolitical uncertainty and the global risk off sentiment and therefore hiking rates too aggressively may not be enough to counter the forint weakness.
- We previously saw that the MT chart on EURHUF looks ‘bullish’.
- ST resistance to watch on the topside stands at 402.90 (pair’s all time high).
- Key level to watch above that stands at 410.80 (123.6% Fibo projection of 352.60 – 399.60 range).
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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