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Manufacturing PMI Rises to 56.5, Beating Expectations

HUNGARY
  • Hungary's manufacturing PMI rose to a greater-than-expected 56.5 (Exp. 53.3) from 55.0 in January, data released this morning showed. Among the sub-indices, the new orders index fell from the previous month but remained over the 50-point mark while the employment index indicated growth for the 17th month in a row.
  • Hungary's producer prices rose 0.8% m/m in January versus -0.1% in December. Producer prices rose 35% y/y, up slightly from the 34.9% increase in December. Prices for domestic sales grew by 64.7%, boosted by energy prices, while export prices rose by 20.5%, the data showed.
  • The promising PMI data has lent support to HUF, with the EURHUF cross trading 0.60% lower near the 376.00 mark at the time of typing. 376.06, the 1.236 projection of the Oct 13 - Nov 10 - Dec 12 price swing, has been pierced, opening potential for a further leg lower.
  • The governments of Hungary and Egypt have signed an agreement on cooperation in the Suez Canal Economic Zone (SCZONE), giving Hungarian companies a good chance to launch investments in the region, the Hungarian foreign minister said according to MTI.
  • Hungary’s parliament is scheduled to begin debating Finland and Sweden’s bids to join the NATO military alliance. There are no speaker events scheduled today.
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