EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURHUF Approaches A Key Support
Jul-13 11:05
- EURHUF continues to retrace a portion of its recent gains. The move lower is likely a correction and bullish conditions remain intact. Attention is on the 50-day EMA that intersects at 374.49. A clear break of this average would undermine the bullish theme and highlight potential for a deeper pullback, towards 373.11, the 76.4% retracement of the Jun 27 - Jul 7 rally. Initial resistance is at 380.80, the Jul 11 high.
- EURPLN trend conditions remain bearish, however, a corrective cycle remains in play and the cross has recently pierced resistance at 4.4918, the 50-day EMA. A clear break of this average would signal scope for a stronger recovery and open 4.5480, the Jun 1 high. The bear trigger lies at 4.4138, the Jul 4 low. Clearance of this level would confirm a resumption of the downtrend and open the 4.40 handle ahead of 4.3822, the Aug 28 2020 low.
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LIBOR: US FIX - 13/06/23
Jun-13 10:59
- O/N 5.06886 0.00015
- 1M 5.19329 -0.02471
- 3M 5.55200 -0.00543
- 6M 5.65043 0.011
- 12M 5.80343 -0.00843
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FINLAND: National Coalition, Finns Party Leaders Suggest Gov't Talks Could Be Completed Tomorrow
Jun-13 10:47
Leaders of parties which secured the top two spots in the recent general election confirmed that their coalition talks are nearing conclusion and could result in a deal as soon as tomorrow, Finland's public broadcaster Yle reports.
- National Coalition leader Petteri Orpo lauded progress in the ongoing talks, adding that the government platform will be long, detailed and aimed at ensuring policy changes. Finns Party leader Riikka Purra confirmed that parties were close to ironing out differences over some outstanding policy issues.
- The key sticking points have been the planned cuts to international development cooperation funds and the biofuel distribution obligation. The Finns Party has been sceptical of increasing the share of biofuels, which they say would push petrol and diesel prices higher, affecting the party's provincial voter base.
- Orpo and Purra are eyeing a coalition with the Swedish People's Party and the Christian Democrats. Together, the four-party coalition would command 109 seats in parliament, whereas 101 constitute simple majority.
