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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- Yesterday, NBP member Hardt commented on Twitter that the overshooting inflation is not temporary and requires an MPC response (i.e. rate hike).
- Three NBP members (Hardt, Gatnar and Zubelewicz) out of eight are currently in favor of a rate hike and strongly believe that the central bank should start to gradually normalize its policy to curb the inflationary pressures.
- November meeting remains key for policy outlook. The outcome is still binary for now, with traders hesitant if the NBP will start its tightening cycle then, or at a later date.
- Yesterday, economic data showed that Poland current account deficit came in higher than expected at 1.8bn EUR in July (vs. 0.18bn), up from 0.28bn EUR the previous month.
- Next important data to watch is core CPI coming out on September 16 (expected to accelerate to 3.9% in August).
- Poland 10Y yield broke above its 2% key level this morning after testing the resistance for the past few days; next resistance to watch on the topside stands at 2.22% (March 19, 2020 high). On the downside, first support stands at 1.93%, followed by 1.87%.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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