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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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Free AccessUncertainty Over Policy Outlook Leaves PLN Vulnerable
- Finance Ministry economist Lukasz Czernicki mentioned in an interview that Poland’s deficit will probably be below 4% this year (as % of GDP), versus 5.3% previously estimated.
- Yesterday, the NBP rose its policy rate by 50bps to 1.75% (as expected).
- NBP commented in its statement that the scope of the tightening cycle will depend on data, which leaves PLN vulnerable as it increases the uncertainty over policy outlook.
- Weaker growth expectations imply slower pace while rising inflationary pressures suggest bigger hikes.
- As a reminder, inflation came in higher than expected in November at 7.7% YoY (vs. 7.3%), up from 6.8% the previous month and diverging significantly from the NBP 3.5% upper tolerance band.
To read the full story
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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.