HUNGARY: PPI Y/Y Reaches Highest Since May 2023
- Hungary's producer prices rose 0.4% m/m in January versus +0.3% in December, according to the Central Statistical Office. On a year-on-year basis, producer prices rose 9.1% compared to +9.0% prior, the highest for the series since May 2023.
- Hungary will be a "tax paradise" for families, Prime Minister Viktor Orban said in a weekly radio interview this morning, as per MTI. Orban said Hungary was establishing a tax system over four years that put families in the focus, and that the government plans to roll out lifetime personal income tax exemptions for mothers with two or three children -complementing an existing exemption for mothers of four.
- As a reminder, the Economy Ministry said in a statement yesterday that the government’s new budget shortfall goal should be 3.5% of GDP in 2026, instead of the earlier 2.9% that would have brought it within the EU’s limit. That follows estimates from the Economy Minister that the income tax exemption for mothers of 3 will cost HUF 200bln annually from 2026.
- There are no other major data releases scheduled for today.
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EQUITIES: ASML is up 11% on the Open, LVHM falls
Big move in the Tech index, way past pre DeepSeek's collapse.
(chart source: MNI/Bloomberg).
SILVER TECHS: Recent Gains Appear Corrective
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $31.022 - High Jan 24
- PRICE: $30.417 @ 08:07 GMT Jan 29
- SUP 1: $29.509/28.748 - Low Jan 13 / Low Dec 19 and bear trigger
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Silver is unchanged. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. On the downside, support to watch is $29.509, the Jan 13 low, and $29.748, the Dec 19 low and the bear trigger.
USDCAD TECHS: Continues To Trade Inside A Range
- RES 4: 1.4660 2.0% 10-dma envelope
- RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4516 High Jan 21
- PRICE: 1.4414 @ 08:02 GMT Jan 29
- SUP 1: 1.4261 Low Jan 20
- SUP 2: 1.4259 50-day EMA
- SUP 3: 1.4120 Low Dec 11
- SUP 4: 1.4011 Low Dec 5
USDCAD continues to trade inside a range. Recent price action highlights resistance at 1.4516, the Jan 21 low, and support at 1.4261, the Jan 20 low. Both levels represent important short-term directional triggers. The trend condition is bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a move through 1.4261 and 1.4259, the 50-day EMA, would instead highlight a possible reversal.
