EM CEEMEA CREDIT: *HUNGARY TO RAISE MINIMUM WAGE

• Chancellor Rachel Reeves is due to speak today at 8:10GMT from Downing Street before appearing again at 11:30GMT in the House of Commons to take questions on the economy and the government's economic strategy. (The latter may be a different Treasury minister now that she is due to give a speech - but we still expect her to deliver both).
• She is expected to lay out her objectives for the upcoming Budget (26 Nov) and she is likely to note that the Budget will reflect Labour values, protect working people, focus on "fairness and opportunity" and to protect the NHS. She is also expected to reiterate her commitment to the fiscal rules.
• She is not expected to commit to any specific tax or spending increases and she is extremely unlikely to repeat the manifesto commitment to not increase income tax, VAT or national insurance. We still think there is a chance that one of these pledges is broken with income tax the most likely, in our view. She is likely to note that taxes will need to rise, though.
• There may be some hints that those with the "deepest pockets" will need to contribute more.

• RES 4: 94.60 1.764proj of the Sep 3 - 11 - 26 price swing 
• RES 3: 94.24 1.618 proj of the Sep 3 - 11 - 26 price swing        
• RES 2: 94.00 Round number resistance 
• RES 1: 93.96 High Oct 28  
• PRICE: 93.37 @ Close Nov 3
• SUP 1: 93.15 Low Oct 27       
• SUP 2: 92.81 20-day EMA 
• SUP 3: 92.38 Low Oct 20
• SUP 4: 92.07 50-day EMA   

The trend structure in Gilt futures remains bullish. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The next upside objective is 94.00. Clearance of this level would open 94.24, a Fibonacci projection. Note that the contract is overbought, a short-term pullback would allow this trend condition to unwind. Initial firm support to watch 92.81, the 20-day EMA.

• RES 4: 155.89 High Feb 3
• RES 3: 155.53 2.00% retracement of the Jan 10 - Apr 22 bear leg
• RES 2: 154.80 High Feb 12
• RES 1: 154.48 Intraday high
• PRICE: 153.64 @ 06:58 GMT Nov 4 
• SUP 1: 153.27 High Oct 10
• SUP 2: 152.06 20-day EMA   
• SUP 3: 150.28 50-day EMA  
• SUP 4: 149.38 Low Oct 17 

The trend condition in USDJPY remains bullish and the pair is trading closer to its recent trend highs. The break higher last week confirmed a resumption of the uptrend and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend.Sights are on 154.80, the Feb 12 high. First important support to watch lies at 152.06, the 20-day EMA. A pullback would be considered corrective.