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FED

NY Fed Operational Purchase

EMERGING MARKETS

Financials Find Support at 200DMA

BONDS

EGB/Gilt - Yields hit multi months low

DATA REACT

Solid U.S. Factory Orders

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  • Earlier this morning, NBP policymaker‪ Gatnar said in an interview that he supports small, gradual interest rate hikes as inflationary pressures continue to intensify.
  • Yesterday, Kamil Zubelewicz mentioned that QE ultra-loose policy should be abandoned now as goals of polish bond-buying program have been 'more than achieved' Zubelewicz, seen as the central bank's top hawk, said that he is in favor of long-term, stable and conventional solutions in monetary policy.
  • However, Zubelewicz added that 'a rate-increase motion will be passed only if submitted by the governor'.
  • At this stage, the majority of the board is still in favor of keeping interest rates low as the uncertainty over the economic recovery remains elevated.
  • NBP Governor Glapinski once again confirmed this week that it would be 'unreasonable to hike rates now' as he sees risk of slower recovery.
  • Today, economic data to watch will be money supply M3, expected to decelerate to 7.8% in June (from 9% the previous month).