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EUR/HUF Completes Bearish Rising Wedge & Looks for More; Data In Focus This Week

HUNGARY
  • EUR/HUF completes bearish rising wedge pattern to break support at the base target highlighted in the 31 dec summary (362.20).
  • PMI data printed marginally lower at 51.1 vs 52.9 exp.
  • Strong data focus this week with PPI & NBH minutes due 06 Jan & industrial production and retail sales (07 & 08 Jan) providing insight into the strength of the recovery.
  • Move through 361.58 opens up a larger move towards the 14-31 dec 50% fib at 359.18, followed by 358.14 - provided risk sentiment remains favourable.
  • 10Y yields continue to trickle lower, while 20Y yields look to have broken the 18-31 Dec consolidation pattern to the downside.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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