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15 May 2013
Forex: EUR/HUF in 3-month lows below 292.00
FXstreet.com (Barcelona) - The Hungarian forint is markedly appreciating against the single currency on Wednesday, after the GDP figures for the first quarter surpassed expectations. In fact, economic activity in Hungary expanded 0.7% inter-quarter vs. the median at 0.2%. Over the last twelve months, the economy contracted 0.9% vs. forecasts at -1.2% and previous print at -2.7%.
The renewed strength in the HUF dragged the cross to sub 292.00 levels from the area around 294.60 soon after the release, posting multi-month lows at the same time.
At the moment, the cross is losing 0.97% at 291.76 with the next support at 290.25 (low Feb.20) ahead of the psychological mark at 290.00 and then 289.60 (MA200d).
On the upside, a break above 295.85 (high May 14) would then target 296.60 (MA100d) en route to 298.20 (high May 7).
The renewed strength in the HUF dragged the cross to sub 292.00 levels from the area around 294.60 soon after the release, posting multi-month lows at the same time.
At the moment, the cross is losing 0.97% at 291.76 with the next support at 290.25 (low Feb.20) ahead of the psychological mark at 290.00 and then 289.60 (MA200d).
On the upside, a break above 295.85 (high May 14) would then target 296.60 (MA100d) en route to 298.20 (high May 7).