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Forex: EUR/HUF consolidates above 294.00

The Hungarian forint is resuming its depreciation against the single currency on Tuesday after the unemployment rate in Hungary in the three months ended in January up-ticked to 11.2% from 10.7%.

Ahead in the day the MNB (Hungarian central bank) would hold its monetary policy meeting, with market consensus expects another rate cut, the seventh in a row since August.

As of writing, EUR/HUF IS UP 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).

Forex Flash: GBP/USD may rebound to 1.5375 and 1.5525 ahead of more losses - Commerzbank

The GBP/USD is expected to consolidate some of the past losses ahead of further weakness, possibly rebounding to 1.5375 and 1.5525. "The market sold off aggressively last week slicing through the 1.5271/35 target with ease", wrote analyst Karen Jones. "This is extremely negative price action and beyond a rebound we look for losses to 1.5000/15 and then 1.4853, the 61.8% retracement of the 2009 move", she added.
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Commodities Brief – Precious metals rally on Italian quagmire, Gold testing psychological 1600 barrier

Gold prices have inched higher Tuesday amid the uncertainly of the Italian election results and the unpredictable direction that the country may take in recent days or weeks. With investors cautioned by risk, gold briefly breached the USD $1600 per oz. level (1601.65 session high), and is testing the psychological barrier in these moments, which is doubling as resistance. Fundamentally, gold is trading above its 20, 50, and 200-day SMA, which have converged in the 1592.75 region. Despite the recent rally, the yellow metal sits at the crossroads, eyeing Fed Chairman Ben Bernanke’s testimony later today at 15:00 GMT – the perspective or tone of his remarks has the potential to sustain the recent rebound in prices or send them crashing back towards 7-month lows incurred last week.
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