HUNGARY: Orban Yet to Comment on Presidency Reports
- Prime Minister Viktor Orban often appears on state radio on Friday mornings (at around 06:30GMT/07:30CET), and he may have used this week’s interview to comment on yesterday’s presidency reports. However, it appears as though he did not speak this morning – no headlines have crossed the major news wires – likely owing to his attendance at an EU vote on frozen Russian assets.
- He has, however, commented on today’s vote in a post on social media this morning. “With today’s decision, the rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules,” he said, adding that “With today’s decision, the rule of law in the European Union comes to an end, and Europe’s leaders are placing themselves above the rules.” That comes after the EU approved a legal workaround to sideline Hungary's "no" vote on keeping Russian assets frozen indefinitely.
- Meanwhile, Foreign Minister Peter Szijjarto said Hungary will have an "enormous competitive advantage" in the post-Ukraine war era by maintaining mutually respectful and beneficial relations with both East and West.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
FOREX: JPY Weaker as Markets Look Through Katayama Warning
JPY remains the weakest currency in G10 going through the European open - we noted during APAC hours the comments from the Japanese Fin Min Katayama, again stressing that the government are closely watching FX, and any unwarranted speculative moves. That said, there was little material progression in the language used - potentially signalling we're no closer to actual intervention in the currency markets. This has pressured JPY across the board, with USDJPY just shy of overnight highs into 154.79 - which coincides with the next notable resistance of 154.80 (12th Feb high).
- AUD remains marginally the best early performer following the Wednesday data showing a surge in loan values - spanning home loans, owner-occupier loans as well as loans for investor purposes - suggesting strength in credit growth, generally loose financial conditions and less of a requirement to ease the benchmark policy rate.
- AUDUSD is challenging the week's high of 0.6540 but better resistance is seen into 0.6562. AUDNZD and NZDUSD remain the two crosses to watch near-term, and for now NZDUSD is finding some good demand ahead of the 0.5600 figure. AUDNZD saw the October 2013 high of 1.1586 hold this week.
SILVER TECHS: Bull Cycle Intact
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $54.480 - High Oct 17 and the bull trigger
- RES 1: $82.374 - 76.4% retracement of Oct 17 - 28 bear leg
- PRICE: $51.573 @ 08:11 GMT Nov 12
- SUP 1: $46.670/45.557 - 50-day EMA / Low Oct 28
- SUP 2: $41.135 - Low Sep 17
- SUP 3: $40.000 - Round number support
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish and recent weakness is considered corrective. The trend has recently been in overbought territory and the retracement has allowed this to unwind. Price remains above support at the 50-day EMA, at $46.670. A clear break of the average would signal scope for a deeper retracement. Key resistance has been defined at $54.480, the Oct 17 high. Initial resistance is $52.374, a Fibonacci retracement.
USDCAD TECHS: Short-Term Bear Threat Still Present
- RES 4: 1.4274 High Apr 9
- RES 3: 1.4200 Round number resistance
- RES 2: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.4140/55 High Nov 5 / Channel top drawn from Jul 23 low
- PRICE: 1.4009 @ 08:09 GMT Nov 12
- SUP 1: 1.4001 Low Nov 10
- SUP 2: 1.3957 50-day EMA
- SUP 3: 1.3888 Low Oct 29 and a key support
- SUP 4: 1.3878 Bull channel base drawn from the Jul 23 low
USDCAD is trading below last week’s high. The latest pullback highlights a potential bearish development and a possible reversal. Resistance at the top of a bull channel, currently at 1.4155, remains intact. The bull channel is drawn from the Jul 23 low. The pair has pierced support at the 20-day EMA, at 1.4021. This exposes the 50-day EMA at 1.3957. For bulls, a break of the channel top is required to confirm a resumption of the uptrend.
