ILS, IDR, BRL, HRK, BGN V USD and EUR

Bulgarian Lev, Overnight rates LEONIA currently trade negative 0.08 while main money market rates SOFIBID and SIFIBOR also trade negative at minus 0.297 and minus 0.040. Money markets contain a full 26 BPS spread, 5 BPS from LEONIA to SOFIBOR and 22 BPS from LEONIA to SIFIBID.

USD/BGN. From current 1.7736, vital point breaks are located at 1.7740 and 1.7969. Long term USD/BGN is overbought. EUR/BGN from Current 1.9558 sits dead on support at 1.9558.

USD/BRL. From current 3.9473 trades at lifetime highs and is wildly overbought as has been the case for many years. Intraday USD/BRL is oversold. Next vital points 3.9218, 3.9186. EUR/BRL from current 4.3527 next vital points 4.2669 and 4.3245. A giant move is in the works for EUR/BRL as pure noise is located in current prices.

USD/HRK. Croatia Kuna. Current money market rates trade 0.30 – -0.28 on heavy volume. Fitch, Noody’s and S&P’s downgraded Croatia foreign and domestic currencies on Negative watch list at BB ratings. USD/HRK from current 6.9121, next vital points 7.0167 and 6.9189. Currently, overbought. EUR/HRK from current 7.6220, next vital points 7.6371 and 7.6276.

USD/IDR. From current 13410.50 and overbought, next 13748.97 and 13633.49. EUR/IDR from current 14767.76, next points 14967.07 and 15033.08.

USD/ILS. From current 3.9008, next vitals 3.9071 and 3.9030. The Shekel sits comfortable above 3.7119. A big move is in the works for ILS as its current price is pure noise. EUR/ILS from current 4.3015, next 4.2536 and 4.3037 and above 4.7393.

Brian Twomey, Inside the Currency Market, btwomey.com

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