MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tech Focus: CEEMEA FX Price Signal Summary: EURHUF Gains Considered Corrective

EMERGING MARKETS
  • EURHUF gains are considered corrective. The short-term outlook though still appears bullish and recent gains suggest scope for a stronger corrective bounce. Price has cleared the 20-day EMA and this exposes a resistance area around the 50-day EMA that intersects at 353.30. Key support and the bear trigger is at 345.14, the Jun 10 low.
  • The EURPLN trend needle still points south, however the contract has entered a corrective phase. Recent gains have resulted in a break of both the 20- and 50-day EMAs suggesting scope for a stronger short-term recovery. Further upside would open 4.5500 and 4.5580, 50% of the Mar 29 - Jun 7 downleg. Key support is at 4.4360, Jun 7 low.
  • USDZAR is off recent lows and correcting but remains in a downtrend.
    • Recent weakness confirmed a resumption of the downtrend signalling scope for a move towards 13.2681 next, 1.500 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
    • The pair has probed the 20-day EMA at 13.7723.
    • A stronger correction would open 14.00 with the 50-day EMA at 14.0466.
  • USDTRY traded sharply lower last week. The pair tested the 50-day EMA at 8.3159 Friday and Monday and has since recovered. The EMA is considered a key support area and the bounce from it, is a bullish development. Key S/T support has been defined at 8.2860, Jun 11 low. The focus is on 8.8008, Jun 2 high and the bull trigger.
  • USDRUB last week cleared 72.5385, Mar 16 low reinforcing the current bear cycle. Moving average studies remain in a bear mode and this clearly highlights the fact that for now, the path of least resistance remains down. The recent break lower signals potential for weakness towards 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 72.9269, the 20-day EMA.
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News

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.