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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).

Forex Flash: GBP/USD focus is on 1.5190 support – Commerzbank

Commerzbank analysts see market’s focus still on the channel support, currently at 1.5190, and 1.5412/20 (recent high and the 38.2% retracement) as an interim high. “Loss of the 1.5190 uptrend is needed to add weight to the idea that the market has resumed its down move. Below here will trigger losses to the 1.5028 (the 20th March low). We also find the 61.8% retracement here at 1.5052 and we may see this hold the initial test”, wrote analyst Karen Jones, pointing to another leg lower to the 1.4832 March low in case of another break. “Longer term we target 1.4229, the 2010 low”, she added.
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