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Swiss July Headline Remains at 1.3%, Services Moderate

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BUX Index Breaks Above The 48,000 Level (Record High)

HUNGARY
  • Global liquidity and recent HUF strength continues to levitate Hungarian equities to new record highs, with BUX index breaking above the 48,000 level.
  • As for Poland, we saw that the rise in inflationary pressures in the CEE region in the past two months has led to an increase in disagreements between NBH policymakers over the trajectory of rates in the coming months; the hawkish comment from deputy governor Virag led to a strong momentum on HUF in May, with the currency appreciating by 5.5% against the US Dollar (ZAR and HUF were the best performers in the CEEMEA FX market in May).
  • On Friday, economic data showed that retail sales came in lower than expected at 10.6% in April (vs. 14.3% exp.), up from a revised -2.1% the previous month.
  • Next important data to watch this week is the May CPI print, which is expected to rise to 5.2% (from 5.1%).
  • USDHUF has been retracing lower in the past two days after finding a local high of 287 last week; first support to watch on the downside stands at 280. On the topside, resistances to watch stand at 290 and 296 (50D SMA).
  • The 10Y yield has been retracing lower in the past few days after rejecting its 3% resistance last Wednesday; support to watch on the downside stands at 2.80% (50D SMA). On the topside, key resistance to watch above 3% stands at 3.22%.
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