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Light newsflow, EURHUF remains in broader downtrend

HUNGARY
  • Newsflow remains light ahead of Tuesday trade, with EURHUF stabilising after yesterday’s more turbulent price action. Initial HUF weakness was driven primarily by a sizeable miss in November industrial production (+0.8% Y/Y vs. +4.1% Exp.) and trade balance data. EURHUF rallied to touch 400.80 in response, just shy of the 20-day EMA. EURHUF is now trading just below 398.00 at the time of typing, with initial resistance at the 100-dma / 20-day EMA at 400.11 / 400.48.
  • Local equities look to snap a mini-uptrend posted off the Jan 2 low and have started the session lower, inline with Monday's late sell-off on Wall Street. The Hungarian curve sits very modestly steeper, but within recent ranges.
  • Prime Minister Orban boosted the government’s role in the acquisition of Vodafone Plc’s local unit by a little-known Hungarian company 4iG Nyrt, underscoring the firm’s reliance on state funding for its growth, Bloomberg report. While Hungary is providing as much as three-quarters of the funding for the deal, it will get a 49% stake, with 4iG Nyrt. receiving 51% and control of the Vodafone unit. Note billions of euros of Hungarian EU funds remain withheld over graft concerns.
  • There are no major economic releases or speakers scheduled today.
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