The Polish zloty benefited from good data coming from our country. Industrial production, significantly better than expected, combined with no surprises in job market readings, led to the cheapest euro in one and a half months. Dream of Bitcoin holders in the background are still unfulfilled.
Labor market in Poland
Yesterday we learned about the average wage and employment data in Poland. Wages are growing annually by 10.2%, which raised the average wage in companies employing 10 workers to PLN 8,316.57. At the same time, a decrease in employment in companies was noted – by 0.5% over the year. Unfortunately, these data do not show how large part of the employees turn to smaller organizations and how many completely disappear from the labor market. Analyzing the unemployment rate in Poland, which is exactly the same level as now, it can be assumed that some flow must take place to smaller organizations or self-employment.
Industrial production better than expected
In addition to wage and employment data, yesterday’s results concerning industrial production and its prices in Poland were also published. While production prices are a reading that rarely arouses great emotions, industrial production is one of the most important macroeconomic indicators. Unexpectedly, industrial production increased by as much as 4.7%, while analysts only forecast 1.8%. It was this result that contributed to the strengthening of the zloty. Indeed, the price of this production fell by 5.2% annually, which means that its value remained at a similar level. However, at the same value, we are producing significantly more. As a result, the euro exchange rate dropped temporarily below PLN 4.31 yesterday and was the lowest since mid-October.
Digital money not yet at 100,000 USD
Before the weekend, many analysts believed there were mere hours left for Bitcoin to reach the psychological barrier of 100,000 USD. However, the weekend passed and we witnessed a sell-out. As it turns out, the market began to lack buyers for further purchases, and additional major players seeing the potential for a correction, began to sell. It’s not surprising as at the optimum moment throughout the year, you could earn as much as 150% on Bitcoin. This is not a frequently seen rate of return on investment, even as risky as digital money is. Currently, instead of a small 350 USD, which separated Bitcoin from 100,000 USD, there is now about 8,000 USD missing, indicating a noticeable correction.
Today’s macroeconomic calendar lacks important readings.
Maciej Przygórzewski – Chief Analyst at InternetowyKantor.pl
Source: https://managerplus.pl/polski-zloty-umacnia-sie-dzieki-dobrym-danym-bitcoin-w-odwrocie-od-100-tys-usd-32617
