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12 Mar 2013
Forex: EUR/HUF in session highs after CPI
The Hungarian forint is depreciating against the single currency on Tuesday, after consumer prices in Hungary posted an annual advance of 2.8% in February, missing expectations at 3.1% and down from January’s +3.7%.
“Local risk premia appear to be rising… HGB yields rising, and CDS underperforming the regional peers. If these conditions persist, the markets should see a smaller chance of an NBH rate cut this month, in line with the guidance from the NBH”, assessed Marcin Budkiewicz, Analyst at TD Securities.
At the moment, the pair is up 0.51% at 303.48 with the next resistance at 307.65 (high Jun.1 2012) ahead of 313.48 (high Jan.13 2012) and then 316.10 (high Jan.9 2012).
On the flip side, a breakdown of 296.50 (MA14d) would expose the psychological level of 290.00 and finally 288.70 (low Feb.13).
“Local risk premia appear to be rising… HGB yields rising, and CDS underperforming the regional peers. If these conditions persist, the markets should see a smaller chance of an NBH rate cut this month, in line with the guidance from the NBH”, assessed Marcin Budkiewicz, Analyst at TD Securities.
At the moment, the pair is up 0.51% at 303.48 with the next resistance at 307.65 (high Jun.1 2012) ahead of 313.48 (high Jan.13 2012) and then 316.10 (high Jan.9 2012).
On the flip side, a breakdown of 296.50 (MA14d) would expose the psychological level of 290.00 and finally 288.70 (low Feb.13).