Free Trial

Wave of Risk Off Triggers HUF Weakness

HUNGARY

EURHUF has fully pared all of the day’s earlier losses and now trades 0.60% in the green towards the end of the European session.

  • HUF weakness coincides with the wave of risk off triggered by the US cash open: regional banking weakness is again a concern as the likes of PacWest Bancorp and Western Alliance are halted in and out of trade, limit down. JOLTs data further added to the pressure - coming in well below forecast.
  • For EURHUF, initial resistance is marked at 375.73 – the 20-day EMA – ahead of 380.17 – the 50-day EMA. A clear break of the 50-day EMA is required to signal a stronger reversal.

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.