MNI BRIEF: Williams Is Confident Fed Getting Inflation Back To 2%

MNI China Daily Summary: Monday, July 1

MNI BRIEF: PBOC To Borrow CGBs In Response To Market Situation

MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

MNI: UK JUN BRC SHOP PRICES -0.2% M/M, +0.2% Y/Y

Multivariate Core Trend Inflation Falls To Post-2020 Low

Bundesbank SA Suggests Core / Services Momentum Slowing

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

PLN Remains ‘Fundamentally’ Undervalued

POLAND
  • Polish President Andrzej Duda is traveling to Bulgaria and Romania for consultations before NATO summit on Thursday and the visit of U.S. President Joe Biden (BBG).
  • Poland will extend a swap line of as much as $1 billion to neighbor Ukraine according to the NBP.
  • With the FRA 3Mx6M currently trading at 146bps above the Wibor 3M, forward rates are currently pricing in a terminal rate at 5%.
  • The trajectory of the terminal will also strongly depend on the PLN ‘valuation’.
  • Despite the sharp recovery in the past two weeks, PLN is still fundamentally ‘undervalued’ relative to main crosses such as the US Dollar or the Euro.
  • Yesterday, economic data shows that retail sales decelerated to 16.5% YoY in February (vs. 16.6% exp.), down from 20% the previous month.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.