MNI BRIEF: German Insolvencies Hit Record High In July - IWH

MNI BRIEF: Japan July Sentiment Index, Outlook Index Rise

MNI BRIEF: China Iron Ore Imports Expected To Fall In August

MNI China Press Digest Aug 8: Exports, Yuan, Property

MNI: PBOC Net Drains CNY3.27 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1460; +0.41% Y/Y

EZ/UK Bond Supply Calendar: UK APF Due Next Monday

July Summary Of Opinions Point To Further Gradual Policy Normalization

KPMG-REC Report on Jobs: Only Modest Easing In Permanent Wage Growth

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

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

PLN: Zloty Edges Higher Together With Regional Peers

PLN
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion

EUR/PLN snaps a three-day winning streak but has struggled to return below the 200-DMA after breaking above that moving average yesterday. The CE3 segment outperforms in the EMEA basket, but the zloty lags its regional peers (PLN/CZK just shy of neutral levels; PLN/HUF -0.1%).

  • Elsewhere in the region, the National Bank of Romania trimmed its policy rate by 25bp yesterday, even as a slim majority of analysts (12/20 of economists polled by Bloomberg) was looking for an on-hold decision. PLN-oriented market participants are monitoring interest-rate trajectories in the region as well as the US, with the NBP traditionally skipping a rate review in August.
  • ING wrote that strong fundamentals should push EUR/PLN towards 4.25 this month, but the US election remains a key downside risk further ahead. Millennium Bank see the pair's oscillations as reactions to technical signals amid an empty local calendar. Pekao say that the rate has touched significant resistance levels around 4.32.
  • EUR/PLN last deals -47 pips at 4.3220 and bears look for losses towards Jul 26 low of 4.2671, which would bring the 4.25 area into play again. Bulls still keep an eye on 4.3321, which capped gains on Jul 2.
  • POLGB yields are a touch higher across the curve, with 2s underperforming, following a weak session for local bonds yesterday. 10-year POLGB/Bund spread continues to recover from recent cyclical lows.
  • The WIG20 continues to operate on a softer footing. The index sits 1.2% lower on the session, printing new cyclical lows.
241 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 snaps a three-day winning streak but has struggled to return below the 200-DMA after breaking above that moving average yesterday. The CE3 segment outperforms in the EMEA basket, but the zloty lags its regional peers (PLN/CZK just shy of neutral levels; PLN/HUF -0.1%).

  • Elsewhere in the region, the National Bank of Romania trimmed its policy rate by 25bp yesterday, even as a slim majority of analysts (12/20 of economists polled by Bloomberg) was looking for an on-hold decision. PLN-oriented market participants are monitoring interest-rate trajectories in the region as well as the US, with the NBP traditionally skipping a rate review in August.
  • ING wrote that strong fundamentals should push EUR/PLN towards 4.25 this month, but the US election remains a key downside risk further ahead. Millennium Bank see the pair's oscillations as reactions to technical signals amid an empty local calendar. Pekao say that the rate has touched significant resistance levels around 4.32.
  • EUR/PLN last deals -47 pips at 4.3220 and bears look for losses towards Jul 26 low of 4.2671, which would bring the 4.25 area into play again. Bulls still keep an eye on 4.3321, which capped gains on Jul 2.
  • POLGB yields are a touch higher across the curve, with 2s underperforming, following a weak session for local bonds yesterday. 10-year POLGB/Bund spread continues to recover from recent cyclical lows.
  • The WIG20 continues to operate on a softer footing. The index sits 1.2% lower on the session, printing new cyclical lows.