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Free AccessUSDPLN Fails to Break Through 3.90 Resistance
- Investors will focus on July CPI inflation print coming out on July 30, which is expected to increase to 4.7% (from 4.4%) according to sell side estimates.
- November inflation projections and July and August CPI inflation prints will be key for policy outlook.
- As a reminder, three out of the eight NBP policymakers sought to raise rates at the last meeting in June, implying that the majority (including governor Glapinski) is still aiming to keep financial conditions as loose as possible for the moment.
- USDPLN has been retracing lower in the past two days after failing to break through its 3.90 resistance yesterday; support to watch on the downside stands at 3.85, followed by 3.83. On the topside, key resistance remains at 3.98 (March 31 high).
- Poland 10Y yield is flat this morning after retracing sharply higher yesterday, breaking above its 100DMA at 1.66%; next resistance to watch on the topside stands at 1.73%. On the downside, first support stands at 1.60%.
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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.