PLN: EUR/PLN Trades Flat Near 4.20, NBP Rate Decision Eyed
EUR/PLN is flirting with the 4.20 figure, last deals at 4.2008. A convincing break above the 50-EMA at 4.2018 would suggest that bulls could attack Feb 4 high of 4.2379. On the flip side, bears look for losses towards Feb 27 cycle low of 4.1272.
- The NBP will conclude its two-day monetary policy meeting today. There is no fixed time for the release of the rate decision and statement, which will include the main parameters of an updated macroeconomic projection. Governor Adam Glapinski will hold his press conference tomorrow at 14:00GMT/15:00CET. See our full preview here.
- Government officials confirmed that the flow of military aid to Ukraine through the logistical hub at the Rzeszow-Jasionka airport returned to previous levels after the US lifted a freeze on armament shipments.
- POLGBs have edged higher across the curve, with 5s outperforming. The WIG Index has added 1.1%, with the WIG20 Index last seen 1.1% higher.
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MACRO ANALYSIS: MNI US Employment Insight: Strong Trends Kick Next Cut To Sept
- We have published and e-mailed to subscribers the MNI US Inflation Insight.
- Please find the full report here: https://media.marketnews.com/US_Employment_Report_Feb2025_bd68eee3ab.pdf
GOLD: New All Time Record high
- An impressive $300.00 gain in Gold since New Year Eve, the precious metal is seeing further upside momentum, Safer Haven flow has been supportive on Tariffs Risks.
- Silver is now also getting dragged higher, although it is still short of Friday's printed high at 32.6520, which was also its highest print since early November.
- As we noted during the European Open, next resistance in Gold will be seen at $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing.
COMMODITIES: Gold Rallies to Fresh Record High Again, Above $2900 Handle
Recent weakness in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention is on support around the 50-day EMA, at $72.20. Price has through the average,, a clear break of it would suggest scope for a deeper retracement. This would open $68.05, the Dec 20 ‘24 low. On the upside, a clear reversal higher would refocus attention on $79.48, the Apr 12 ‘24 high and a key resistance. A bull cycle in Gold remains in play and the yellow metal has again traded to a fresh cycle high, today. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2900.0 handle next. The first key support to watch is $2776.3, the 20-day EMA.
- WTI Crude up $0.73 or +1.03% at $71.71
- Natural Gas up $0.1 or +2.99% at $3.409
- Gold spot up $42.57 or +1.49% at $2903.46
- Copper up $1.7 or +0.37% at $460.7
- Silver up $0.48 or +1.52% at $32.3018
- Platinum up $8.56 or +0.87% at $987.16
