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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.
POLAND
- On Friday, economic data showed that consumer confidence fell more than expected in November to -23.3 (vs. -18.8 exp.), down from -17.8 the previous month, as Covid uncertainty keeps weighing on the economic outlook.
- The index currently stands at its lowest level since February 2021, but could continue to deteriorate further as Polish government increases the restrictions to limit the downside risk of a fourth wave of infections.
- We have seen that the sharp increase in ST rates and the inversion of the 'traditional' 2Y10Y yield curve have increased recession risks in Poland (and also in other CEE countries).
- PPI inflation is coming this morning and expected to accelerate to 11% in October.
- Selling pressure on PLN has been elevated this month, with the zloty down nearly 3% against the USD in the past 10 days (see below).
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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