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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.
EM FX
- While the HUF has been the worst performing currency in July amid a rising uncertainty (legal disputes with EU) and higher than expected inflation prints (-2.4%), TRY has been the biggest winner this month, up over 1.1% against the US Dollar.
- The political instability in Turkey still remains elevated, but improving coordination between Erdogan and the CBRT has led to some positive momentum in TRY this month.
- Next big TRY event is CPI on August 3rd and for Hungary is NBH meeting next week (July 27), expected to raise its benchmark rate by 30bps.
- TRYHUF cross is up nearly 10% since early June, currently testing key resistance at 35.70 (high of its LT downward trending channel).
- Next resistance to watch on the topside stands at 35.95 (100DMA), followed by 36.66, which represents the 38.2% Fibo retracement of the 32.28 – 42.89 range.
- In the downside, first support to watch stands at 35, followed by 34.78 (23.6% Fibo).
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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