HUNGARY: Manufacturing PMI Release Delayed to Monday
- S&P Global’s Manufacturing PMI for Hungary was scheduled to be released at 08:00BST/09:00CET, though it appears the release has been delayed to Monday, as per the Bloomberg calendar. The index is expected to moderate from 51.2 to 50.9, meaning it would be at or above the expansionary 50-threshold for the sixth consecutive month.
- Prime Minister Viktor has appealed to Hungarians not to allow Brussels to use the Tisza Party to meddle in the general election. In a video posted on Facebook yesterday, Orban urged to sign a so-called national resistance movement petition, referring to opposition Tisza Party MEP Kinga Kollar who he said was acting in Brussels to impede Hungary and the success of its economy and public services.
- Local news flow otherwise remains light so far this morning as Hungary returns from Labour Day. Looking ahead to next week, CPI data for April provides the highlight of the week on Friday, where a further moderation in headline inflation is expected.
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Historical bullets
SILVER TECHS: Bullish Trend Structure
- RES 4: $36.560 - 1.236 proj of the Dec 19 - Feb 14 - 28 price swing
- RES 3: $35.463 - 1.000 proj of the Dec 19 - Feb 14 - 28 price swing
- RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 1: $34.590 - High Mar 28
- PRICE: $34.731 @ 08:02 BST Apr 2
- SUP 1: $33.408 - 20-day EMA
- SUP 2: $32.665 - Low Mar 21
- SUP 3: $32.591/31.814 - 50-day EMA / Low Mar 11
- SUP 4: $30.815 - Low Feb 28 and key support
Trend conditions in Silver are unchanged, they remain bullish and recent gains reinforce this condition. The metal has breached $34.233, the Mar 18 high and a bull trigger. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Initial firm support to watch is $33.408, the 20-day EMA.
USDCAD TECHS: Monitoring Support
- RES 4: 1.4700 Round number resistance
- RES 3: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 2: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 1: 1.4415 High Apr 1
- PRICE: 1.4303 @ 07:55 BST Apr 2
- SUP 1: 1.4235 Low Mar 26
- SUP 2: 1.4151 Low Feb 14 and a bear trigger
- SUP 3: 1.4107 50.0% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 4: 1.4011 Low Dec 5 ‘24
USDCAD traded sharply lower Tuesday. Attention is on an important short-term support at 1.4235, the Mar 26 low. A clear break of this level would undermine the bull theme and highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. Note that moving average studies continue to highlight a dominant uptrend. A resumption of gains would refocus attention on the bull trigger at 1.4543, the Mar 4 high.
GILTS: Opening calls
Gilt calls, 91.90/92.14 range.
