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PLN: Zloty Stays On Back Foot, Cabinet Debates Tweaks To 2024 Budget

PLN
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EUR/PLN continues to trade with bullish bias, consolidating above 4.35 in morning dealing. The pair sits at 4.3535, up 35 pips on the session, with bulls looking for a clearance of Jun 14 high of 4.3826. On the flip side, bears look for a dip through nearest psychological levels and towards Oct 14 low of 4.2867.

  • The cabinet will today discuss amending the 2024 budget bill, with the Finance Ministry set to update revenue forecasts and expenditure plans. ING expect the deficit target to be increased by PLN20-30bn from the current PLN184bn. PKO estimate that the deficit will be increased by PLN15-20bn.
  • POLGB yields have ticked higher, curve runs steeper. 10-year POLGB/Bund spread keeps widening, hitting new cyclical extremes north of 350bp. Note that the Finance Ministry will offer PLN5-9bn of OK0127, WS0428, PS0130, WZ0330, DS1030, DS1034 and IZ0836 bonds at an auction today, which will be a test of investor sentiment after the previous offering attracted relatively underwhelming demand.
  • The WIG20 Index has added 1.1% this morning, moving away from recent cyclical lows.
  • The domestic data docket this week is headlined by flash October CPI figures, which will cross the wires Thursday. Otherwise, the docket is virtually empty.
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EUR/PLN continues to trade with bullish bias, consolidating above 4.35 in morning dealing. The pair sits at 4.3535, up 35 pips on the session, with bulls looking for a clearance of Jun 14 high of 4.3826. On the flip side, bears look for a dip through nearest psychological levels and towards Oct 14 low of 4.2867.

  • The cabinet will today discuss amending the 2024 budget bill, with the Finance Ministry set to update revenue forecasts and expenditure plans. ING expect the deficit target to be increased by PLN20-30bn from the current PLN184bn. PKO estimate that the deficit will be increased by PLN15-20bn.
  • POLGB yields have ticked higher, curve runs steeper. 10-year POLGB/Bund spread keeps widening, hitting new cyclical extremes north of 350bp. Note that the Finance Ministry will offer PLN5-9bn of OK0127, WS0428, PS0130, WZ0330, DS1030, DS1034 and IZ0836 bonds at an auction today, which will be a test of investor sentiment after the previous offering attracted relatively underwhelming demand.
  • The WIG20 Index has added 1.1% this morning, moving away from recent cyclical lows.
  • The domestic data docket this week is headlined by flash October CPI figures, which will cross the wires Thursday. Otherwise, the docket is virtually empty.