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JGB TECHS

(U1) Tilted Higher

AUSSIE 10-YEAR TECHS

(U1) Uptrend Weakening

US TSYS SUMMARY

Bullard Kickstarts Reflation Unwind Theme

AUDUSD TECHS

Fresh 2021 Lows

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  • In the past 2 months, we have seen that the global risk on environment combined with the HUF strength have levitated Hungarian equities to new all-time highs, with BUX Index breaking above its 46,277 resistance this month and currently trading above the 48,000 level.
  • The chart below shows a moderate co-movement between USDHUF (inverted) and BUX index; periods of currency strength have been associated with strong momentum on HUF.

Source: Bloomberg/MNI


  • Interestingly, even though Hungarian equities are trading at an all-time-high, they appear 'cheap' relative to other EM markets.
  • PE ratio of BUX index currently stands at 13.83, the third 'cheapest' equity market after Turkey and Russia (which are two very risky markets due to the elevated political and economic uncertainty).

Source: Bloomberg/MNI