MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

PLN: Russia Angst Helps Keep Zloty On Defensive

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN has added 75 pips to last trade at 4.3414, with a combination of heightened geopolitical risk and renewed musings on NBP interest-rate outlook. Bulls look for an attack on Nov 6 high of 4.3758, followed by Jun 14 high of 4.3826. Conversely, bears see Oct 14 low of 4.2867 as their key initial target.

  • The news that Ukraine fired long-range ATACMS missiles into the Russian territory for the first time and that Russia responded by widening its doctrine on the use of nuclear weapons applied pressure to CEE assets yesterday and may still be keeping the zloty in check, with market participants awaiting further developments on this front.
  • NBP's Dabrowski seemingly walked back on his earlier cautious comments on cutting interest rates and said that they could start between March and July 2025 amid the "stability of disinflationary processes and the prospect of a permanent return of inflation to the target."
  • Separately, most sell-side desks appear to be thinking that the extension of energy relief measures by the government may support the dovish wing of the MPC at the beginning of next year, but we are not aware of any immediate changes to their interest-rate calls.
  • POLGB yields are mostly a tad higher across the curve, despite retracing the bulk of initial upswings. The Finance Ministry will offer PLN5bn-8bn worth of OK0127, DS0727, PS0130, WZ0330, DS0432, DS1034 and IZ0836 bonds tomorrow. The size of the auction was revised lower from PLN5bn-10bn in the preliminary monthly issuance schedule.
  • The WIG20 Index has regained poise after a dynamic sell-off yesterday driven by geopolitical risk. The index sits ~1% higher on the session after having a look below 2,100 yesterday.
273 words

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.

EUR/PLN has added 75 pips to last trade at 4.3414, with a combination of heightened geopolitical risk and renewed musings on NBP interest-rate outlook. Bulls look for an attack on Nov 6 high of 4.3758, followed by Jun 14 high of 4.3826. Conversely, bears see Oct 14 low of 4.2867 as their key initial target.

  • The news that Ukraine fired long-range ATACMS missiles into the Russian territory for the first time and that Russia responded by widening its doctrine on the use of nuclear weapons applied pressure to CEE assets yesterday and may still be keeping the zloty in check, with market participants awaiting further developments on this front.
  • NBP's Dabrowski seemingly walked back on his earlier cautious comments on cutting interest rates and said that they could start between March and July 2025 amid the "stability of disinflationary processes and the prospect of a permanent return of inflation to the target."
  • Separately, most sell-side desks appear to be thinking that the extension of energy relief measures by the government may support the dovish wing of the MPC at the beginning of next year, but we are not aware of any immediate changes to their interest-rate calls.
  • POLGB yields are mostly a tad higher across the curve, despite retracing the bulk of initial upswings. The Finance Ministry will offer PLN5bn-8bn worth of OK0127, DS0727, PS0130, WZ0330, DS0432, DS1034 and IZ0836 bonds tomorrow. The size of the auction was revised lower from PLN5bn-10bn in the preliminary monthly issuance schedule.
  • The WIG20 Index has regained poise after a dynamic sell-off yesterday driven by geopolitical risk. The index sits ~1% higher on the session after having a look below 2,100 yesterday.