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Zloty Consolidates Gains, CJEU Verdict On Radar


EUR/PLN has stabilised after finding a base at PLN4.4443. The pair last deals -339 pips at PLN4.4499, consolidating its earlier losses, with bears looking for renewed sales towards Jun 12 low of PLN4.4307.

  • The Finance Ministry decided to narrow the size of its June 16 bond sale to PLN4-6bn from the initial PLN3-7bn. On offer will be OK1025, PS0728, WZ1128, DS1030 and DS1033 bonds.
  • POLGBs ticked higher around the time when the Finance Ministry outlined the details of this week's debt auction but quickly retraced the move. They last trade 3.4-5.1bp cheaper, curve runs slightly steeper.
  • Reminder that the CJEU will announce its verdict on CHF loans tomorrow at 08:30BST/09:30CEST, while Poland's statistics office will publish final May CPI report half an hour later.
  • It is difficult to precisely define consensus expectations ahead of the court ruling. Most economists expect a pro-consumer verdict but there are some discrepancies in the assessments of its potential severity for the banking sector - and it is unclear how much of the potential damage is already priced in.

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