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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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EU Investigating Government-Issued Contracts; EURHUF Prints Fresh YTD Lows

HUNGARY
  • The EU is investigating Hungary’s decision to award a 35-year contract to operate the nation’s road network to allies of Prime Minister Orban, Radio Free Europe reports. The European Commission is also probing a 35-year contract granted to Mol Nyrt, Hungary’s largest energy company, to exclusively handle waste management, RFE reported yesterday. As a reminder, some $30b of EU funds was frozen last year due to concerns over graft and rule of law.
  • MTI report that Hungary is considering extending a newly introduced ban on imports of Ukrainian farm products if Brussels does not implement adequate protections for Hungarian farmers, agriculture ministry state secretary Sandor Farkas said in parliament on Monday.
  • EURHUF continues to trade with a downward bias and has recorded a fresh YTD low at the start of the European session. Yesterday’s break of key support at 372.38 – the Mar 1 low – has affirmed bearish conditions and the cross has now pierced the 370.00 handle.
  • There are no major economic releases or speaker events scheduled today.
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