HUNGARY: Economy Exits Recession as Q4 GDP Rises 0.5% Q/Q
- Hungary’s GDP expanded by 0.5% Q/Q in Q4, tipping the economy out of a recession. That matched the median estimate of a Bloomberg survey, while the year-on-year figure was above expectations at +0.4% (Est: +0.1%; Prior: -0.8%).
- The Hungarian statistics office noted that growth was supported by the strong performance of services, while farm, industrial and construction sectors weighed on the headline figure. A second reading of the data will be published on Mar 4.
- Hungary's final trade surplus widened to EUR 819m in November compared to the preliminary reading of EUR 742m, according to the Central Statistical Office. Imports fell 0.5% m/m while exports fell 2.2% m/m.
- Economy Minister Marton Nagy will speak at a German Chamber of Commerce event this evening. There are no other data releases scheduled for today. PPI figures for December are due tomorrow morning.
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USDCAD TECHS: Bullish Flag Formation
- RES 4: 1.4667 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4367 @ 07:52 GMT Dec 31
- SUP 1: 1.4336 Low Dec 20
- SUP 2: 1.4277/4103 20- and 50-day EMA values
- SUP 3: 1.4011 Low Dec 5
- SUP 4: 1.3928 Low Nov 25 and a key support
USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The latest pause appears to be a flag formation - a bullish continuation signal. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.42779, the 20-day EMA. A pullback would be considered corrective.
GILTS: Opening calls
Gilt Opening call, 92.25.
- Also regarding the timing for the SETT price window, this should happen at 12:13-12:15 (GMT) for Futures and Options.
AUDUSD TECHS: Trend Needle Points South
- RES 4: 0.6471 High Dec 9
- RES 3: 0.6435 50-day EMA
- RES 2: 0.6384 High Dec 13
- RES 1: 0.6274/6313 Low Dec 20 / 20-day EMA
- PRICE: 0.6224 @ 07:50 GMT Dec 31
- SUP 1: 0.6199 Low Dec 19
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD bears remain in the driver’s seat and the pair continues to trade closer to latest lows. Recent weakness maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. Scope is seen for an extension towards 0.6158 next, a Fibonacci projection. Initial firm resistance to monitor is 0.6313, the 20-day EMA.
