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Forex: EUR/HUF in red after Hungarian GDP

By FXstreet.com,  May 15, 2012, 03:50:00 AM EDT

FXstreet.com (Barcelona) - Hungarian economic activity during the first quarter has contracted 0.7% on a year-on-year basis, below estimates and down from +1.4% in the previous print. Continuing with the grim data, industrial output dropped 1.6% over the last twelve months in March, down from February's +0.8%.

But the forint remained skeptic after the releases, and advancing against the euro instead, after the designation of M.Varga, PM's chief of staff, to lead the talks regarding the IMF/EU deal, expected to resume in the upcoming weeks.

EUR/HUF is now losing 0.40% at 291.83, with the immediate support at 287.20 (MA14d) ahead of 282.35 (low May 3) then 280.80 (high Jan. 2011) and 279.11 (high Sep.6).
On the upside, a breakout of 300.00 (high Apr.16/23) would bring 306.00 (high Jan.19) and 309.00 (high Jan.18).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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