PLN: Zloty Loses Ground, Tusk Meets Macron
Dec-12 10:13
EUR/PLN found a base just above the psychologically significant 4.25 figure earlier this week and rebounded off there, extending the corrective bounce this morning. The pair last deals +91 pips at 4.2800 and bulls look for a clearance of the 20-EMA (4.2928) before seeking a firmer rally. Bears need a clean break of the 4.25 figure an a move beyond this area to gain some fresh momentum.
- Prime Minister Donald Tusk and French President Emmanuel Macron are scheduled to discuss the possible future deployment of a European peacekeeping force in Ukraine.
- Statistics Poland will release final November CPI data tomorrow morning. The flash reading indicated that deadline inflation eased to +4.6% Y/Y from +5.0%, but the downtick was likely temporary.
- POLGB yields have crept higher, with 10s underperforming as we type. The WIG20 Index has shed 1.2%, hitting new weekly lows.
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FOREX: USD Higher Again as Firmer Yields Underpin Currency Markets
Nov-12 10:10
- The greenback is firmer once again early Tuesday, with the USD Index adding to recent gains, with the re-opening of US rates after yesterday's holiday allowing US yields to drift higher and underpin the greenback once again.
- GBP failed to find support from this morning's wages numbers, which came in ahead of expectations, allowing EUR/GBP to continue to straddle the 0.83 handle - a key long-term level. Should the cross recover off these lows, GBP/USD could come under further pressure, prompting markets to consider medium-term support. Today's spot weakness has pressed GBP/USD below the 200-dma on an intraday basis for the first time since May, after the level held well as support in August. 1.2799 undercuts as modest support, but seen stronger into 1.2665.
- German's ZEW investor sentiment data came in well below forecast, with sentiment heavily weighed upon by both the US Presidential election and the collapse of the German governing coalition
- AUD is the poorest performer in G10, pressing AUD/USD back below the $0.6550 mark,
- The NFIB Small Business Optimism data is followed by the NY Fed's latest inflation expectations release. The speaker slate will likely be of more interest, with Fed's Waller, Barkin, Harker and Kashkari all set to make appearances. Waller and Barkin should prove the most consequential.
ITALY T-BILL AUCTION RESULTS: 2/12-Month BOTs
Nov-12 10:09
| Type | 2-month BOT | 12-month BOT |
| Maturity | Jan 14, 2025 | Nov 14, 2025 |
| Amount | E1.5bln | E7.5bln |
| Target | E1.5bln | E7.5bln |
| Previous | E7.5bln | |
| Avg yield | 3.041% | 2.695% |
| Previous | 2.859% | |
| Bid-to-cover | 2.1x | 1.52x |
| Previous | 1.54x | |
| Previous date | Oct 10, 2024 |
EURIBOR OPTIONS: EURIBOR: EURIBOR FIX - 12/11/24
Nov-12 10:07
EURIBOR FIX - EMMI/Bloomberg
- EUR001W 3.1450 -0.0030
- EUR001M 3.0880 0.0080
- EUR003M 3.0340 -0.0060
- EUR006M 2.7970 -0.0340
- EUR012M 2.5020 -0.0260
