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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.
EMERGING MARKETS
- Poland long end of the curve, which used to trade as a discount relative to Czech term structure, is now trading at a premium.
- Hungary long end of the curve has also been on 'fire' in recent days amid rising inflationary pressures; 10Y yield broke above the 3% level this morning, trading at its highest level since March 2020 (next resistance stands at 3.18%).
- On the other hand, Czech term structure is mostly unchanged (slightly flatter) in the past month.
- Could the rise in inflation risks in Poland and Hungary continue to push CZK higher relative to PLN and HUF in the near term?
- While CNB is preparing for a tightening cycle with a first hike priced in for as early as August, NBP and NBH policymakers aim to keep interest rates steady for the rest of the year to maintain financial conditions as loose as possible to stimulate the economic recovery.
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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