HUNGARY: Unemployment Rate, Economic Sentiment Edge Higher

New 10-year Feb-35 RAGB

• Guidance: MS+51bps area
• Size: EUR benchmark (MNI expects E4.5-5.0bln including E250-500mln retention)
• Maturity: 20 February 2035
• Coupon: Long first
• ISIN: AT0000A3HU25 

1.85% May-49 Green RAGB tap

• Guidance: MS+80bps area
• Size: EUR benchmark (MNI expects E1.0-2.0bln)
• ISIN: AT0000A2T8G4

For both:

• JLMs: BofA Securities, Deutsche Bank, Erste Group, J.P. Morgan, Morgan Stanley and Raiffeisen Bank International 
• Timing: Books open, today's business

From market source

• RES 4: 0.6441 38.2% retracement of the Sep 30 - Jan 13 downleg  
• RES 3: 0.6429 High Dec 12               
• RES 2: 0.6384 High Dec 13  
• RES 1: 0.6325/6331 50-day EMA / High Jan 24
• PRICE: 0.6252 @ 07:58 GMT Jan 28 
• SUP 1: 0.6209 Low Jan 21     
• SUP 3: 0.6165/31 Low Jan 17 / 13 and the bear trigger
• SUP 3: 0.6100 Round number support
• SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing

A medium-term bearish trend condition in AUDUSD remains intact and recent gains have stalled at resistance around the 50-day EMA, at 0.6325. The reversal lower suggests the possible end of the correction between Jan 13 - 24. A continuation lower would open 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger recovery.

• Cable is slowly drifting back towards 1.2426 Yesterday's low, this is where it found some support ahead of 1.2423, the very short term 23.6% retracement of the last two Week's rally.
• This retracement level remains for now, but further downside traction will open to the figure and the support seen at 1.2387 (20 day EMA).