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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
- With the PLN FRA 3Mx6M trading at 122bps above the Wibor 3M, market is currently expecting the terminal rate to reach 4% in H1, which is in line with recent Glapinski comments.
- NBP could even raise its benchmark rate above 4% if needed (based on Wednesday press conference).
- As the tightening cycle continued to be data-dependent (‘inflation-dependent’) in the CEE region, the magnitude of the March hike will depend on inflation data coming out next week.
- Sell side firms are expecting CPI inflation to accelerate to 9.5% in January, up from 8.6% the previous month.
- Another ‘positive’ surprise in inflation could increase the pressure on policymakers to respond with a more aggressive hike in March (i.e. 75bps).
- For now, the NBP is likely to continue to maintain its pace and hike by another 50bps on March 8.
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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