HUNGARY: Hungary and Slovakia Resist Calls to Halt Russian Energy Imports
- Slovakia and Hungary signaled they would resist pressure from US President Donald Trump to cut Russian oil and gas imports until the EU member states find sufficient alternative supplies, Bloomberg report. Slovakia’s Economy Minister said “we need to have the right conditions in place — otherwise we risk seriously damaging our industry and economy,” while Hungarian Cabinet Minister Gergely Gulyas reiterated that his country would rebuff EU initiatives that threatened the security of energy supplies.
- Gulyas also said the government will launch a National Consultation public survey on taxation in order to clarify whether voters were still in favour of a low single-bracket personal income tax. In an apparent reference to the opposition Tisza party, he said it was "unacceptable" for political parties "following orders from Brussels" to refuse to discuss their tax policy plans and say that "after the election, anything is possible".
- Swedish Prime Minister Ulf Kristersson told Hungarian Prime Minister Viktor Orban to stop referencing Sweden in his election campaign, in a deepening row between the two leaders, AFP report. "Law and order is collapsing, yet they lecture us on the rule of law," Orban posted on social media, citing Sweden's struggle to rein in a surge of shootings and bombings. Kristersson responded on social media that he understood Orban was "truly being challenged for power [...] But we do not interfere in your election campaign, nor do we want to become part of it".
- The Debt Management Agency is holding its regular weekly bond auction, offering notes maturing in 2029, 2031 and 2035. No major data releases are scheduled for today or for the remainder of the week.
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GOLD TECHS: Trading In A Range
- RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 3: $3500.1 - High Apr 22 and bull trigger
- RES 2: $3451.3 - High Jun 16
- RES 1: $3409.2/3439.0 - High Aug 8 / 23
- PRICE: $3336.7 @ 07:25 BST Aug 19
- SUP 1: $3268.2 - Low Jul 30
- SUP 2: $3248.7 - Low Jun 30 and the bear trigger
- SUP 3: $3204.7 - Low May 20
- SUP 4: $3121.0 - Low May 15 and key support
A bull cycle in Gold remains intact and this is highlighted by moving average studies that remain in a bull-mode position. The sideways trend that has been in place since the Apr peak appears to be a corrective phase - a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first support to watch lies at $3268.2, the Jul 30 low.
BUNDS: The Yield resistance holds
- There's very little change for Bund going into the European session, the 2.80% Yield level has again held Yesterday, after also holding on Friday.
- As such, the initial support in Bund remains unchanged at around 128.57, printed a 128.64 low in Futures and a 2.791% high in Yield on Friday.
- Small resistance is at 129.18, followed by 129.62.
- There are no Tier 1 Data out of Europe, and the Canadian CPI will be the only notable release for North America Today.
- Main Focus this Week is on the UK CPI (wed), PMIs (thu), Japan CPI, and all eyes on Powell (fri).
- SUPPLY: UK £1.6bn 2035 Linkers (won't impact Gilts). Germany €4.5bn 5yr Bobl (equates to 42k Bobl) should weigh into the Bidding Deadline.
- SPEAKERS: Fed Bowman (x2).
BRENT TECHS: (V5) Support Remains Exposed
- RES 4: $81.07 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $79.86 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $77.73 - High Jun 23 and a bull trigger
- RES 1: $72.83 - High Jul 30 and a key resistance
- PRICE: $66.30 @ 07:09 BST Aug 19
- SUP 1: $65.01 - Low Aug 13
- SUP 2: $60.96 - Low May 30
- SUP 3: $58.18 - Low May 5
- SUP 4: $57.74 - Low Apr 9 and a key support
Brent futures remain in a bear cycle and the contract is trading closer to its recent lows. Sights are on $65.01, the Aug 13 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. A clear breach would open $60.96, the May 30 low. Key short-term resistance has been defined at $72.83, the Jul 30 high. Clearance of this level would cancel a bear theme.
