Forex: EUR/HUF little changed after MNB decision

The Hungarian forint stayed put around 294.60 after the MNB (Hungarian central bank) followed the broad consensus and cut the repo rate by 25 bps to a record low at 5.25%.

In the data space, the domestic unemployment rate ticked higher in the last three months ended in January to 11.2% from 10.7%.

At the moment, the pair is advancing 0.05% at 294.65 with the next resistance at 294.94 (high Feb.7) ahead of 300.00 (2013 high Jan.28) en route to 307.65 (high Jun.1 2012).
On the flip side, a violation of the psychological level at 290.00 would expose 288.70 (low Feb.13) and then 287.65 (2013 low Jan.13).

Feb 26, 2013

Forex Flash: Stronger South Africa GDP pushes ZAR higher – TD Securities

Driven by better performance of the manufacturing, finance, and agriculture industries, South Africa's GDP growth accelerated to 2.5% Y/Y in Q4 vs. 2.3% in Q3, expanding 2.55% for the full year 2012. The upside surprise had a positive effect on rand performance, being the best EM currency today.

Forex Flash: Will gilt upside materialize? – RBS

Gilts broke out of the 114.60-116.60 range to the upside amid bullish long-term charts, as was discussed in the weekly publication. In addition, the MACD weekly histogram also shows a positive divergence with the price action. According to Technical Markets Strategist Dmytro Bondar at RBS, “The market though formed a gap on open, which deemed to be filled, as a test of the 117.15 resistance was rejected, suggesting a pause in rally for now and a pull back to 116.40/48 to fill the gap before extending the gains to the 117.82 target. Alternatively, a break of 117.14 would point to a higher chance of rallying to 117.80 without the pullback.”