Market Overview

HUF weaker after disappointing retail sales data.

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EUR/HUF

Hungary's calendar-adjusted retail sales rose by 3.8% yoy in June following a revised 4.9% increase in May. The Central Statistics Office added that figures for the first half of 2014 were not comparable with those in the same period a year earlier due to improved data collection from tobacco sales since July 2013. The Central Statistics Office announced that taking those changes into account, calendar-adjusted retail sales would have been higher by 1.3% yoy in June.

Food sales rose by 6.1% yoy, non-food sales increased by 0.5% yoy and fuel sales were up by 4.6% yoy.

We are looking to get short on the EUR/HUF with a trigger point at 312.00 and the target of 307.00 (near July lows).

Significant technical levels:

Resistance: 0.7985 (high Aug 1), 0.8007 (high Jul 1), 0.8027 (high Jun 30)

Support: 0.7926 (low Aug 1), 0.7910 (low Jul 30), 0.7866 (low Jul 23)

We have currently no trading positions on CEE markets.

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