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26 Mar 2013
Forex: EUR/HUF around 306.00 ahead of NBH rate decision
FXstreet.com (Barcelona) - The Hungarian forint is hovering over the 306.00 handle on Tuesday, ahead of the NBH monetary policy meeting due this afternoon.
According to Cristian Maggio, Senior Emerging Markets Strategist at TD Securities, “The NBH is likely to cut the base rate by 25bp to 5.00%, but risks are skewed to the downside with a not-too-remote possibility of a 50bp cut. The changes at the NBH suggest risks of a more dovish stance”.
At the moment, the cross is losing 0.14% at 305.87 with the next support at 302.50 (low Mar.14) ahead of 300.90 (38.2% of 288.70-308.51) and then 294.10 (low Mar.1).
On the flip side, a breakout of 308.55 (high Mar.18) would open the door to 313.48 (high Jan.13 2012) and finally 316.10 (high Jan.9 2012).
According to Cristian Maggio, Senior Emerging Markets Strategist at TD Securities, “The NBH is likely to cut the base rate by 25bp to 5.00%, but risks are skewed to the downside with a not-too-remote possibility of a 50bp cut. The changes at the NBH suggest risks of a more dovish stance”.
At the moment, the cross is losing 0.14% at 305.87 with the next support at 302.50 (low Mar.14) ahead of 300.90 (38.2% of 288.70-308.51) and then 294.10 (low Mar.1).
On the flip side, a breakout of 308.55 (high Mar.18) would open the door to 313.48 (high Jan.13 2012) and finally 316.10 (high Jan.9 2012).