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EURCZK Continues Its Bull Retracement

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Some upside continuation

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POLAND

LOCAL NEWS

  • Top Polish Mutual fund says the jump in Polish yields after Wednesday's QE auction reflects failed bets by investors that the central bank would accept above market prices, rather than concern over unexpected tapering.
    • Sees market reaction to QE auction as "exaggerated" and amplified by low liquidity and determination of sellers to get rid of government bonds rejected by the central bank.
    • Expects NBP to continue bond purchases given difference between its guidance for interest rate changes and timing suggested by market derivatives, which are showing a faster tightening path
  • Polish upper house ratified the EU recovery fund with 98 votes in favor, no objections and two abstentions. bill was accepted without the preamble supported by opposition senators and speaking to the proper spending of the EU funds.
    • Bill now moves to President Duda for signing
  • Poland may yet see its planned deal with Czechia over the Turow lignite mine vetted by the European Commission.
    • commission will check if the agreement solves all the breaches of the EU law committed by Poland in the process of extending mining license for Turow
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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