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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
- The sharp JPY depreciation in the past few weeks following the dovish BoJ comments last month has been strongly supporting ‘risk-on’ pair PLNJPY.
- Despite the upward revision in inflation, the BoJ is unlikely to change the course of its policy in the near to medium term.
- In addition, the BoJ offered on Wednesday to conduct an unlimited purchase of JGBs at a fixed rate in the coming week to prevent the 10Y yield from rising above the 0.25% level.
- PLNJPY fully recovered from its February/early March losses and is currently trading slightly above the 30 level, which also represents the 61.8% Fibo retracement of the 25.11 – 33.03 range.
- The 33.03 high was reached in early February 2018, when liquidity peaked in the EM world (pre Covid).
- A ‘clear’ break above 30 would bring us to December 2018 highs; ST resistance to watch on the topside stands at 30.18.
Source: Bloomberg
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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