News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? - https://t.co/ixsRMKgCom https://t.co/KDQv4wgfot
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF https://t.co/MViWZiiPZ7
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again... https://t.co/4jmOPnzzK9
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
  • https://t.co/lbNvVbQq4n
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:https://t.co/iEL5cbFnHs https://t.co/6kLkUFkFvU
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy https://t.co/PKWy7SE8Dt
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
Hungary Reports a Trade Surplus: EURHUF Stalls Near Resistance

Hungary Reports a Trade Surplus: EURHUF Stalls Near Resistance

Walker England, Kara Dailey,

Talking Points:

  • Hungary records trade surplus in November equivalent to EUR 832 million
  • Government Sector Deficit stands at 2.6%, below the full year 2.9% target
  • EURHUF stalls near resistance near 320.99

On Friday the Hungarian Central Statistics Office reported a positive trade balance for the month of November. The surplus is likely to aid the government in extending their balanced budget from the 3rd quarter of 2014 into the 4th.

According to the first estimate, Hungary recorded a HUF trade surplus equivalent to 832 million Euro in November. The figure—derived from subtracting the share of imports (EUR 6.8 billion) from the share of exports (EUR 7.6 billion)—indicates a 10% increase in the trade surplus when compared to November 2013. Broken down, exports increased by 3.2% while imports only grew by 2.4%.

However, when assessed year-to-date (January-November) the trade surplus was 164 million less than that recorded in the first eleven months of 2013. The value of exports only grew by 3.5% while that of imports grew by 4.1%.

The country’s year-over-year trade surplus will likely aid them in achieving their full year debt to GDP ratio of 2.9%. In quarters one through three the general government sector deficit measured 2.6% of GDP—a figure already below the full year target. At HUF 573.4 billion, the deficit registered 0.4 pp below that of Q1-Q3 in 2013. Expenditures remained on track as revenues expanded by 7.2%, due to increases in social contributions, and 7.9% due to various forms of increased tax revenue. In Q3 alone the deficit was shrunk by 88 billion forint.

EURHUF Daily Chart

dailyfx euro forint daily chart

Chart Created by Walker England Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES