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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
- Following NBP Governor Glapinski comments on Friday during press conference that there is no need to raise interest in the near term and that inflation is currently driven by supply shocks, MPC member Eryk Lon also confirmed that there is no reason to start hiking rates in Poland as the uncertainty over the economic recovery due to the Delta variant remains elevated.
- We have seen that while the CNB and NBH have joined the CRBT, CRB and CBB in starting a tightening cycle (chart ), the majority of the NBP board does not seem too concerned over inflation risks and aim to keep interest rates low until the MPC terms end (in Q1 2022).
- As a consequence, forward rates have been falling in recent weeks, with the FRA 6Mx9M – Wibor 3M spread down 22bps in July to 19bps.
- Hence, the dovish NBP stance could weigh on PLN in the medium term, with traders chasing HUF and CZK amid rising monetary policy divergence.
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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