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23 Apr 2013
Forex: EUR/HUF around 300.00, ahead of MNB
FXstreet.com (Barcelona) - The Hungarian forint is sharply down against the single currency on Tuesday, ahead of the MNB decision due in the European afternoon.
The analysts at BBH expect the central bank to cut the refi rate by 25 bps to 4.75%, adding at the same time “Fundamentals remain poor, though falling inflation and a deep recession certainly warrant further easing. Orban’s central bank appointments this year have basically allowed him to stack the deck totally with his choices, and so we expect monetary policy to remain growth-oriented for the foreseeable future”.
As of writing, the pair is up 0.34% at 300.03 with the next hurdle at 301.27 (MA30d) ahead of 308.55 (high Mar.18) and then 313.48 (high Jan.13).
On the flip side, a breakdown of 296.92 (MA10d) would expose 293.25 (low Apr.15) and finally 290.25 (low Feb.20).
The analysts at BBH expect the central bank to cut the refi rate by 25 bps to 4.75%, adding at the same time “Fundamentals remain poor, though falling inflation and a deep recession certainly warrant further easing. Orban’s central bank appointments this year have basically allowed him to stack the deck totally with his choices, and so we expect monetary policy to remain growth-oriented for the foreseeable future”.
As of writing, the pair is up 0.34% at 300.03 with the next hurdle at 301.27 (MA30d) ahead of 308.55 (high Mar.18) and then 313.48 (high Jan.13).
On the flip side, a breakdown of 296.92 (MA10d) would expose 293.25 (low Apr.15) and finally 290.25 (low Feb.20).