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PLN: Above-Forecast Retail Sales Fail To Trigger PLN Appreciation

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN operates at 4.3166, up 67 pips on the session, which encourages bulls to target a rebound towards Nov 6 high of 4.3758 and Jun 14 high of 4.3826. On the flip side, the focus is on Oct 14 low of 4.2867.

  • Poland's retail sales grew by 2.3% Y/Y in October, exceeding the consensus forecast of +0.6%, partially recouping heavy losses registered in the previous month and lending support to the hypothesis that the September plunge was a one-off. We have summarised sell-side views and the ongoing debate on the condition of the Polish consumer in an earlier bullet.
  • POLGBs have clawed back the bulk of initial losses but continue to trade on the backfoot, with yields last seen 2.1bp-4.7bp higher and with curve running slightly flatter.
  • The WIG20 Index sits 0.2% higher on the session, with consumer stocks supported by retail sales data.
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EUR/PLN operates at 4.3166, up 67 pips on the session, which encourages bulls to target a rebound towards Nov 6 high of 4.3758 and Jun 14 high of 4.3826. On the flip side, the focus is on Oct 14 low of 4.2867.

  • Poland's retail sales grew by 2.3% Y/Y in October, exceeding the consensus forecast of +0.6%, partially recouping heavy losses registered in the previous month and lending support to the hypothesis that the September plunge was a one-off. We have summarised sell-side views and the ongoing debate on the condition of the Polish consumer in an earlier bullet.
  • POLGBs have clawed back the bulk of initial losses but continue to trade on the backfoot, with yields last seen 2.1bp-4.7bp higher and with curve running slightly flatter.
  • The WIG20 Index sits 0.2% higher on the session, with consumer stocks supported by retail sales data.