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EQUITY TECHS

E-MINI S&P (Z1): Watching The 50-Day EMA

BUNDS

Quick tech - At new intraday low

US TSY FUTURES

Extending Sell-Off

US TSY OPTIONS

Huge 5Y Put Buyer

SHORT-STERLING OPTIONS

Call spread vs put

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  • On Tuesday, the NBH raised its benchmark rate by another 30bps to 1.20% (vs. 20bps hike according to BBG consensus), which has generated a bullish momentum on HUF.
  • USDHUF is down over 5.5 figures since its high of 307.70 reached on Tuesday, gradually approaching its 302 support; a break below that level would open the door for a move down to 300. On the topside, resistance to watch stands at 305, followed by 307.70.
  • EURHUF has also been trending lower in the past two days and is currently testing its 200DMA at 358.40; a break below that level would open the door for a move down to 356.80 (100DMA). On the topside, first resistance stands at 360, followed by 362.50.
  • Hungary 10Y yield has been retracing higher this week, breaking slightly above its 50DMA at 2.85% this morning. Key resistance to watch on the topside remains at 3%; on the downside, ST support stands at 2.80% (100DMA).
  • Yesterday, economic data showed that unemployment rate rose to 4% in June (vs. 3.7% exp.) and up from 3.9% the previous month.
  • Next data to watch will be average gross wage and trade balance coming out on July 30.