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Zloty Pays Little Attention To Unemployment Data, Yields Retrace Thursday's Dip

PLN

EUR/PLN deals at PLN4.6941, down 20 pips on the day, ignoring the release of Poland's unemployment figures. The focus is on trendline support, which intersects at PLN4.6821. Conversely, key resistance is at PLN4.7848, the Nov 16 intraday peak.

  • Poland's unemployment rate stayed unchanged at 5.1% in October, in line with consensus forecast. This was accompanied by a surprise uptick in the quarterly jobless rate, which rose to 2.9% in the third quarter, beating the 2.5% median estimate (forecast range was 22.4%-2.7%).
  • Polish bond yields have staged a decent rebound this morning and last sit 11.3bp-13.7bp higher at typing. Benchmark 10-year yield is close to fully retracing yesterday's downswing.
  • WIG20 is slightly weaker at typing after its failure to pierce the descending 200-DMA Thursday. This moving average thus serves as a key near-term resistance for the index.
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