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PLN, EUR Fade as Russia Reportedly Cut Gas Flow to Poland

CROSS ASSET

Polish local media OneT.PL reports that Russia have halted gas supplies to Poland:

  • "Unofficial: Russia has suspended gas supplies to Poland
  • Russia has suspended gas supplies to Poland under the Yamal contract, Onet has learned unofficially.
  • "A crisis team has gathered at the Ministry of Climate. There is no announcement from Russia as to whether this is the fulfillment of the ultimatum that Vladimir Putin recently threatened. Official announcements on this matter are to be released today."
  • Modest wave of risk-off following that Poland gas report - e-mini S&P was already headed lower, but looks like weakness accelerated on that headline. Index a little more stable now, but still off over 75 points on the session having printed a new low of 4211.75.
  • Currency markets moving in sympathy, with EUR/USD breaking below 1.0650 and narrowing the gap with key support at the 2020 low of 1.0638. Break below there would mark a five year low for the pair.
  • EURPLN breaks above 4.70 following Russian suspension of gas supplies. Next resistance to watch on the topside stands at 4.7420 (50% retracement of 4.4830 - 5.0020)
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