HUNGARY: Orban Comments on Ukraine, EU, Profit Caps During Weekly Interview
- Speaking on radio this morning, Prime Minister Viktor Orban called on the nation to participate in the ‘Vote 2025’ consultation on Ukraine’s EU accession, emphasising that its membership to the bloc would "bring dangers directly threatening our everyday lives," MTI report. Today is the last day of the government’s non-binding “national consultation” regarding the matter.
- Referring to government measures such as freezing interest rates for retail borrowers and mandating caps on markups for a range of food and non-food products, Orban said the rate freeze had saved around 300,000 households HUF 55bln so far, and that phasing out the measure out would put around one-tenth of those borrowers at risk of bankruptcy. Orban said the rate freeze is necessary until the NBH reduces the base rate.
- Finally, Orban said if Hungary could not import gas from Russia, utility prices for households and businesses would increase, noting that what Brussels is doing on the issue "is an obvious fraud, scheming, and mockery of the rule of law."
- No major data releases are scheduled for today. Looking ahead to next week, the NBH rate decision will be in focus on Tuesday.
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AUDUSD TECHS: Trend Signals Point North
- RES 4: 0.5682 High Nov 12 ‘24
- RES 3: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 2: 0.6528 High Nov 29 ‘24
- RES 1: 0.6515 High May 7
- PRICE: 0.6451 @ 08:01 BST May 21
- SUP 1: 0.6362 50-day EMA
- SUP 2: 0.6275 Low Apr 14
- SUP 3: 0.6181 Low Apr 11
- SUP 4: 0.6116 Low Apr 10
AUDUSD is unchanged and remains in consolidation mode. The trend condition is bullish and the May 13 rally signals the end of the recent corrective pullback. Attention is on key resistance at 0.6515, the May 7 high. Note that moving average studies are in a bull-mode position, highlighting an uptrend. A resumption of the trend would open 0.6550, a Fibonacci retracement. Key support lies at 0.6362, the 50-day EMA.
GILTS: Opening calls
- Gilt calls, these DO NOT take the CPI into account, so will be lower than these calls, given the Sonia strip.
- Range 90.87/90.94
GBPUSD TECHS: Fresh Cycle High
- RES 4: 1.3605 1.382 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 3: 1.3550 High Feb 24 ‘22
- RES 2: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3469 Intraday high
- PRICE: 1.3449 @ 07:58 BST May 21
- SUP 1: 1.3282 20-day EMA
- SUP 2: 1.3140/37 Lows May 12 / 50-day EMA
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
GBPUSD is trading higher and the pair has pierced key resistance and the bull trigger at 1.3444, the Apr 28 / 29 high. A clear break of this hurdle would confirm a resumption of the uptrend and signal scope for an extension towards 1.3510, a Fibonacci projection point. Medium-term trend signals highlight a dominant uptrend - moving average studies are in a bull-mode position. Key support to watch is 1.3137, the 50-day EMA.
