HUNGARY: Szijjarto to Discuss Sanctions, Tax Deal with US Treasury Secretary
Minister of Foreign Affairs and Trade Peter Szijjarto will discuss lifting sanctions that harm Hungary's interests and developing bilateral cooperation with new US Treasury Secretary Scott Bessent in Washington on Wednesday, MTI report. Below highlights from MTI translated with Google Translate:
- "I would like to be able to agree with the Minister of Finance to restart negotiations on concluding a double taxation agreement, which would greatly increase the attractiveness of the Hungarian economy. I would also like to discuss a new type of financial cooperation," he emphasized.
- Peter Szijjarto pointed out that sanctions would also be discussed, since "the Biden administration, out of petty revenge, took measures a few days before its departure that clearly harm Hungary's interests, economic interests, and the security of our energy supply."
- And in connection with the latter, he touched on the placing of the Paks nuclear project on the sanctions list, the obstruction of payment for natural gas, and the difficulties associated with the construction of the Hungarian-Serbian oil pipeline.
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CANADA: BoC Business and Consumer Surveys Ahead - 1030ET
- GoC yields are 0.7-1.5bp lower on the day, with declines led by the front end in the broader FI response to WSJ sources suggesting President-elect Trump won’t immediately unveil tariffs.
- USDCAD meanwhile has seen heavy declines, including a low of 1.4262 (latest 1.4293) that has now pierced multiple support levels. The latest was 1.4280 (Jan 6 low), opening 1.4226 (50-day EMA).
- Up next, the BoC publishes its influential business and consumer surveys for Q4 (BOS/CSCE) at 1030ET.
- The Q3 releases saw a notable moderation in inflation expectations, including BOS 2Y inflation falling 50bps to 2.5% after two quarters at 3% for what had been the very top of the 1-3% target range.
- We’ll also watch latest developments for firms hiring expectations and excess capacity.
- Note that the Q3 surveys were collected 8-30th and 6th-23rd of the mid-month and so a similar convention should at least capture initial reactions to the US presidential election result.
- BoC-dated OIS prices 19-20bp of cuts for next week’s BoC decision.
EURUSD TECHS: Pierces Trendline Resistance
- RES 4: 1.0630 High Dec 06
- RES 3: 1.0568 High Dec 10
- RES 2: 1.0463 50-day EMA
- RES 1: 1.0437 High Jan 6
- PRICE: 1.0417 @ 15:09 GMT Jan 20
- SUP 1: 1.0260/0178 Low Jan 15 / 13 and the bear trigger
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0095 2.0% 10-dma envelope
- SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing
The trend condition in EURUSD is unchanged, it remains bearish. For now, the latest recovery appears corrective, however, the pair has breached the 20-day EMA, at 1.0338, and pierced trendline resistance at 1.0403, drawn from the Sep 30 ‘24 high. A clear breach of the line would expose the 50-day EMA at 1.0463. Clearance of this average would strengthen a bullish condition. Key support and the bear trigger is at 1.0178, the Jan 13 low.
EQUITY TECHS: E-MINI S&P: (H5) Bull Cycle Extension
- RES 4: 6178.75 High Dec 6 and key resistance
- RES 3: 6163.75 High Dec 16
- RES 2: 6107.50 High Dec 26
- RES 1: 6078.25 Intraday high
- PRICE: 6071.00 @ 16:06 GMT Jan 20
- SUP 1: 5961.75 Low Jan 16
- SUP 2: 5879.50/5809.00 Low Jan 15 / 13 and key S/T support
- SUP 3: 5784.00 Low Nov 4
- SUP 4: 5698.25 50.0% retracement of the Aug 5 - Dec 6 bull leg
S&P E-Minis are trading higher, marking an extension of last week’s bull phase. The move higher undermines the recent bearish theme. The contract has traded through the 50-day EMA and attention is on resistance at 6107.50, the Dec 26 high. Clearance of 6107.50 would strengthen a bullish theme. Key support has been defined at 5809.00, the Jan 13 low. A reversal lower and a breach of this level would reinstate a bear theme.
