PLN: Zloty Unfazed By Reassuring Implications Of Retail Sales Data
EUR/PLN remains in the 4.25 area, last barely changed on the day at 4.2575, with bears looking to challenge this psychologically significant zone. While the 4.25 figure was temporarily pierced on several occasions, the rate has failed to close below there or move through Jul 15/YtD low of 4.2471. On the topside, the 20-EMA (4.2784) provides the initial layer of resistance.
- Poland's retail sales topped expectations in November for the second consecutive month, assuaging concerns about the dismal September reading, which may have been a one-off.
- The Foreign Ministry summoned the Hungarian ambassador after Budapest granted asylum to a fugitive former Deputy Justice Minister accused of committing fraud while serving in the previous government.
- POLGB yields are mostly lower, save for 5s, last sitting -4.6bp to +0.9bp. The WIG20 Index has faltered by 1.2%, printing its worst levels in a few weeks.
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MNI: REPEAT INVITATION: MNI Webcast with ECB's Philip Lane On Dec 18
You are invited to listen to an MNI Webcast with Philip R. Lane, Chief Economist and Member of the Executive Board of the European Central Bank.
Details below:
- Topic of discussion: 'Eurozone economy and the ECB's monetary policy'
- Date: Wednesday 18 December
- Time: 9am - 1030am London; 10am - 1130am Frankfurt
- This event is on the record and will run as a Zoom Webinar
To register please go to: MNI Webcast Registration
MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y
- MNI: EUROZONE SEP CONSTRUCTION OUTPUT -0.1% M/M, -1.6% Y/Y
COMMODITIES: WTI Futures Trading Above Monday's Lows, But Trend Remains Bearish
A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced a bear theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest move down is considered corrective. Price has recovered from its recent lows. The 20-day EMA is at $2651.3. A clear break above it would highlight a possible reversal and signal the end of the recent bearish corrective cycle. This would open $2710.4, the Nov 11 high. Key short-term support lies at $2536.9, Nov 14 high. A break would resume the bear cycle.
- WTI Crude up $0.54 or +0.78% at $69.93
- Natural Gas up $0.05 or +1.7% at $3.049
- Gold spot down $10.64 or -0.4% at $2621.53
- Copper up $2.2 or +0.53% at $420.3
- Silver down $0.33 or -1.06% at $30.878
- Platinum down $9.43 or -0.97% at $965.16
