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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
- Comments from Pawel Borys, chief economist and President at the Polish Development Fund, on the PLN (translated):
- 'The real effective exchange rate of PLN (REER) shows that our currency is in equilibrium, slightly undervalued for years, which supports exports, with a slight approx. 3-5% appreciation potential. Strengthening may be pro-cyclical if the economy rebounds strongly. Risks are about CHF, KPO (National Recovery Plan) and the pandemic.'
- Our BEER FX 'fair' value model, which uses the terms of trade, inflation and 10y interest rate differentials as explanatory variables, shows that the PLN is slightly overvalued in April relative to the USD (+2%, see chart below).
Source: Bloomberg/MNI
- The chart below shows the evolution of the USDPLN spot rate relative to its BEER 'fair' value rate in the past cycle.
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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