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Poland Resolute on EU Veto; PiS Approval Wanes As Turbulence Continues
- Polish Local rates open marginally lower across the curve, following on from yesterday's session.
- 2Y yields move deeper into negative territory - now trading at -0.018, while 10Y yields hold around 1.16 support.
- USD/PLN fails to break 3.76 to the downside, moving sharply higher above 3.78 on USD strength and broad-based risk aversion with signs of a bullish engulfing candle forming on the daily chart if we see a daily close above 3.785.
- NBP will be hoping for more upside in the currency to offset pressures on the recovery. Price action will remain vulnerable to EU budget headline risks and risk off sentiment, with increased risk aversion opening up a move back towards 3.80 resistance.
- Focus will be on EU member comments regarding excluding Poland and Hungary from the budget or finding a middle ground for compromise. Overnight comments suggest the former resolution may be gaining traction.
Local news
- PiS faces further departures of individual MPs amid existing tensions, and now the contested animal rights bill, with approval ratings for PM, Cabinet and President dropping by more than 10% MoM in November as speculation about a snap election gains traction - Rzeczpospolita
- Poland plans to expand its PLN 2bn Covid relief program (Shield 6.0) to also cover the tourism industry. Final list of benefiting sectors to be announced today after lower house vote - Rzeczpospolita
- EU summit on the budget veto due 17:00GMT today to discuss Poland & Hungary's Rule of Law concerns (bbg)
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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.