MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUR/PLN Holds Close To 4.26

PLN
BulletEM BulletEmerging Market NewsHomepage

EUR/PLN oscillates around unchanged levels, last dealing at 4.2606. The recent sell-off has lost momentum just above 4.26 as local sell-side desks suggested that the zloty appears to have run out of potential for further near-term appreciation. Economic activity data may provide a fresh catalyst later this week, even as they are unlikely to materially change the outlook for monetary policy.

  • ING write that EUR/PLN should operate near 4.26 in the coming days, before strengthening to 4.20 at the turn of the quarter, although the US presidential election is a downside risk for the zloty. Santander see potential for a corrective rebound in EUR/PLN, which could be supported by seasonal factors (bank dividend payments) and the parliamentary debate on putting the NBP Governor on trial. Pekao note that EUR/PLN would need fresh catalysts to breach 4.26, which could be provided by data this week.
  • Over the weekend, NBP's Ireneusz Dabrowski said that inflation may reach +6%-7% Y/Y if the government raises the cap on energy prices as announced. Dabrowski noted that interest rates are at optimal levels amid concern about fast growing wages, adding that rate hikes are unlikely, in his view.
  • The WIG20 Index refreshed its cyclical highs and last operates 0.5% above neutral levels. POLGB yields are marginally higher across the curve.
211 words

To read the full story

Close

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.

EUR/PLN oscillates around unchanged levels, last dealing at 4.2606. The recent sell-off has lost momentum just above 4.26 as local sell-side desks suggested that the zloty appears to have run out of potential for further near-term appreciation. Economic activity data may provide a fresh catalyst later this week, even as they are unlikely to materially change the outlook for monetary policy.

  • ING write that EUR/PLN should operate near 4.26 in the coming days, before strengthening to 4.20 at the turn of the quarter, although the US presidential election is a downside risk for the zloty. Santander see potential for a corrective rebound in EUR/PLN, which could be supported by seasonal factors (bank dividend payments) and the parliamentary debate on putting the NBP Governor on trial. Pekao note that EUR/PLN would need fresh catalysts to breach 4.26, which could be provided by data this week.
  • Over the weekend, NBP's Ireneusz Dabrowski said that inflation may reach +6%-7% Y/Y if the government raises the cap on energy prices as announced. Dabrowski noted that interest rates are at optimal levels amid concern about fast growing wages, adding that rate hikes are unlikely, in his view.
  • The WIG20 Index refreshed its cyclical highs and last operates 0.5% above neutral levels. POLGB yields are marginally higher across the curve.