POLAND: Tusk & Nawrocki To Hold Another Meeting, Local Markets Shut For Holiday
- Onet reported that Prime Minister Donald Tusk and President Karol Nawrocki will probably hold another face-to-face meeting before the latter's departure for talks with US President Donald Trump on September 3. Sources told the outlet that the government is also ready to discuss a potential deal on ambassadorial nominations after Nawrocki declared that he would maintain his predecessor's decision to block the appointment of the government's candidates for envoys to the US and Italy.
- Mariusz Błaszczak, head of the parliamentary cautus of the main opposition Law and Justice (PiS), told Polsat news that 'if we have nuclear weapons, then we can introduce digital taxes', pointing to the potential backlash from the US should Poland try to impose fiscal burden on US tech giants.
- The Polish Agency for Enterprise Development (PARP) paused the pay-outs of EU subsidies for the hospitality sector pending an audit amid a scandal surrounding alleged instances of misuse of funds. Sources from the ruling coalition told Money.pl that they are concerned about the repercussions of the scandal for domestic investments.
- Polish markets are closed for the Assumption Day, which is a public holiday today. It is also the Armed Forces Day and Nawrocki signed off on his first batch of promotions of new generals on the eve of the celebrations.
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GILTS: Futures Called To Open Lower After CPI
Desks calling futures in the 91.25-35 range at the open after CPI.
AUDUSD TECHS: Trend Needle Points North
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6595 High Jul 11
- PRICE: 0.6527 @ 07:57 BST Jul 16
- SUP 1: 0.6508 Low Jul 15
- SUP 2: 0.6488/6373 50-day EMA / Low Jun 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The trend set-up in AUDUSD remains bullish and the latest pullback - for now - appears corrective. Resistance at 0.6590 has recently been pierced. A clear break of this price point would strengthen a bullish condition and confirm a resumption of the uptrend plus maintain the price sequence of higher highs and higher lows. Scope is seen for a climb towards 0.6603 next, the Nov 11 2024 high. Initial firm support to watch is 0.6488, the 50-day EMA.
EQUITIES: Lower Cash Opens Eyed In Europe
While ASML’s headline Q2 earnings figures were generally firmer than expected, some soft Q3 guidance and a lack of firm guidance for ’26 seems to have weighed on wider sentiment, with Euro Stoxx 50 futures more than unwinding the initial uptick that followed the release.
- Broader European equity index futures point to downside at the cash open:
- Euro Stoxx 50 futures: -0.52%
- DAX futures: -0.56%
- CAC 40 futures: -0.38%
- FTSE MIB futures: -0.44%
- SMI futures: -0.02%
- FTSE 100 futures: -0.25%
