HUNGARY: Varga to Speak at Chinese-Hungarian Central Bank Conference
- Hungarian central bank Governor Mihaly Varga and PBOC Deputy Governor Zou Lan speak at a conference on financial links between the two countries. The event is hosted by the NBH and starts at 08:00BST/09:00CET.
- Speaking on radio this morning, Prime Minister Viktor Orban said tax plans by the opposition Tisza party are an issue of trust, not just of tax, and therefore a National Consultation survey will be held as Orban claims that Tisza is withholding their plans from the public.
- No major data releases are scheduled for today. Looking ahead to next week, average gross wage data for July makes up what is otherwise an empty local schedule.
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GBPUSD TECHS: Still Clear of 50-day EMA on Hawkish BoE
- RES 4: 1.3681 High Jul 4
- RES 3: 1.3620 High Jul 10
- RES 2: 1.3589 High Jul 24
- RES 1: 1.3524 High Aug 12
- PRICE: 1.3520 @ 08:01 BST Aug 13
- SUP 1: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
- SUP 2: 1.3041 Low Apr 14
- SUP 3: 1.3000 Round number support
- SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull cycle
Prices traded higher again Tuesday, further building on the gains posted after the break of the 50-day EMA on the August BoE rate decision. This firms the speed of the recovery off the 1.3142 pullback low and signals a greater probability of a bullish reversal. For now, S/T momentum is still pointed higher, with the Jul 24 high of 1.3589 the next notable upside level. While the bounce off the pullback low persists, the more medium-term trend remains bearish - but the risk of a return to recent lows has fallen.
EURUSD TECHS: Bullish Daily Candle
- RES 4: 1.1851 High Sep 10 2021
- RES 3: 1.1829 High Jul 01 and the bull trigger
- RES 2: 1.1789 High Jul 24
- RES 1: 1.1699 High Aug 7
- PRICE: 1.1692 @ 07:59 BST Aug 13
- SUP 1: 1.1401 Low Jul 30 and a bear trigger
- SUP 2: 1.1373 Low Jun 10
- SUP 3: 1.1313 Low May 30
- SUP 4: 1.1184 38.2% retracement of the Feb 3 - Jul 1 bull cycle
EUR/USD edged higher Tuesday and is firm again to start the Wednesday session. Prices are extending gains on the clearance of the post-NFP high - keeping the recovery off the late July pullback low intact. This works against the bearish backdrop that had dominated the pullback from 1.1829. The break of firm resistance into 20-day EMA, now at 1.1624, is signaling greater odds of a further reversal higher. Major support below rests at 1.1373 next, the Jun 10 low.
MNI: SPAIN JUL HICP -0.3% M/M, +2.7% Y/Y
- MNI: SPAIN JUL HICP -0.3% M/M, +2.7% Y/Y
