HUNGARY: Orban Affirms Stance Against Joint EU Defence Financing
- Orban has reaffirmed his stance against joint EU financing for defence, stating that the constitution bars such measures. That said, Orban did note Hungary is ready to shoulder financing for further defence ambitions in his weekly radio interview. He'll likely lean further on this rhetoric at a campaign rally due tomorrow to mark the national holiday. Magyar is set to speak later in the day.
- In defence of the government's measures to cap supermarket profit margins at 10%, Gulyas stated the measure will have a "visible and tangible" impact on price reductions ahead.
- The minister added that the nearing end of the war in Ukraine will mean unjustified price rises must be brought to an end and while direct intervention is a last resort, there are more radical regulatory precedents in the EU.
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SILVER TECHS: Bullish Trend Condition
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
- RES 2: $33.000 - Round number resistance
- RES 1: $32.652 - High Feb 7
- PRICE: $31.902 @ 08:05 GMT Feb 12
- SUP 1: $30.814 - 50-day EMA
- SUP 2: $29.704 - Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
Key resistance in Silver at $32.338, the Dec 12 high, has been pierced. Clearance of this hurdle would highlight a stronger reversal and cancel a recent bearish theme. This would open the $33.00 handle and expose $33.450, a Fibonacci retracement. Initial firm support lies at $30.900, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.
EGB SYNDICATION: France new 30-year OAT: Guidance
- EUR Benchmark (MNI expects a E8-10bln size) of the new May-56 OAT
- Guidance: FRTR 3.25% 25/05/55 (MID) + 7bps area
- Issuer: Republic of France
- Ratings: Aa3 (Moody’s Stable)/AA- (S&P Stable)/AA- (Fitch Negative)/AAh (DBRS Stable)
- Format: OAT (in dematerialised book entry form), RegS Cat 1, 144A eligible, CACs
- Maturity: 25 May 2056
- Settlement: 19 February 2025 (T+5)
- Coupon: Fixed, annual ACT/ACT, payable each 25 May. Full first coupon on 25 May 2025
- Bookrunners: BNPP (DM and B&D) / Citi / DB / JPM / SG
- Timing: Books open, today's business
USDCAD TECHS: Support Remains Intact For Now
- RES 4: 1.5000 Psychological round number
- RES 3: 1.4948 High Mar 2003
- RES 2: 1.4814 High Apr 2003
- RES 1: 1.4600/1.4793 Round number resistance / High Feb 3
- PRICE: 1.4291 @ 07:59 GMT Feb 12
- SUP 1: 1.4270 Low Feb 5
- SUP 2: 1.4261 Low Jan 20 and a key support
- SUP 3: 1.4178 High Nov 6 ‘24
- SUP 4: 1.4120 Low Dec 11
USDCAD is trading in a tight range and closer to its recent lows. For now, the latest move down appears corrective and the primary uptrend remains intact. The Feb 3 cycle high reinforces and strengthens bullish conditions. The break higher confirmed a resumption of the uptrend and opens 1.4814 next, the Apr 2003 high. Key support to watch lies at 1.4261, the Jan 20 low. A clear breach of this level would alter the picture and signal a reversal.
