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BLOCK, Red Dec'22 Put spd


Defying Gravity


AUD and NZD Extend Positive Trend

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  • Poland does not see chance for deal on Turow lignite mine with Czech Republic ahead of Oct. 8-9 general elections there, Wirtualna Polska reports on its website, citing unnamed officials engaged in talks (BBG).
  • Today, the NBP will hold an extra meeting but is not going to take any policy decisions.
  • At 10am (London time), Parliamentary Finance Committee will discuss state guarantees to mortgage loans.
  • On Friday, NBP member Eryk Lon wrote in an article that he is not yet determine how he is going to vote during the November meeting, but he is clearly against actions that could lead to a radical appreciation of the Zloty.
  • NBP 'hawk' Lukasz Hardt told at a seminar in Warsaw also on Friday that CPI inflation projection in November may be higher than the July one and therefore the central bank needs to start a tightening cycle with a 'delicate' 15bps to curb the inflationary pressures. Hardt added that NBP can hike rates without signaling QE Taper.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.