EUR/HUF to enjoy considerable gains towards 375.00 – SocGen

FXStreet Insights Team FXStreet

EUR/HUF rise faced an interim hurdle at 372.00 after breaking out from the year-long consolidation. Although the pair is staging an initial pullback, EUR/HUF is set to resume its advance towards the 375.00 level, economists at Société Générale report.

November low of 358.50 should be a near-term support

“An initial pullback is under way, however, a large downside is not envisaged; November low of 358.50 should be a near-term support.”

“The pair is likely to continue its up move gradually towards graphical levels of 369.50 and even towards projections of 375.00.”

“Only a break below 358.50 would mean a deeper pullback.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

AUD/USD holds rebound near 0.6900 on US-China trade optimism

AUD/USD holds the rebound near 0.6900 in the Asian session on Monday. Mixed China's inflation data for October fails to provide any inspiration to the Chinese proxy, the Australian Dollar, but China's extension of the suspension of 24% tariffs on US goods and reduced US-Iran tensions help the Aussie pair cling to recovery gains.

USD/JPY retreat in sync with USD, appraches 158.00

USD/JPY is back in the red at the start of the week on Monday, eyeing the broad US Dollar retreat amid easing US-Iran tensions. Traders also resorting to profit-taking following the blockbuster US Nonfarm Payrolls data-led rally. US CPI report is next in focus.

Gold climbs to two-day highs past $4,100

Gold resumes its recovery and surpasses the $4,100 mark per troy ounce at the beginning of the week. The yellow metal’s solid performance comes amid fresh downside pressure on the US Dollar, shrinking US Treasury yields and a marked retracement in crude oil prices.

Crypto Today: Bitcoin, Ethereum, and Ripple extend downtrend as selling pressure mounts

Major cryptocurrencies, including Bitcoin, Ethereum, and Ripple, maintain a broadly corrective tone, extending losses from the previous week. Risk-off sentiment builds in the crypto market following last week’s correction linked to Democrats sweeping the US midterms.

Two Huangs don’t make a right: Nvidia CEO caught in scandal – NVDA slides

Nvidia CEO Jensen Huang sent employees an apology for being unfaithful to his wife, following reports that he may have been targeted in a foreign intelligence operation. Why is Nvidia trading roughly 5–6% below Friday’s close in the overnight market? And – more importantly – does this actually matter to the AI trade?

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.