MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

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MNI: EUROZONE OCT UNEMPLOYMENT RATE 6.3%

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Zloty Holds Steady Ahead Of NBP Monetary Policy Decision

PLN

EUR/PLN oscillates around neutral levels amid wider stability across the FX space, with the market waiting for the NBP's rate decision. The local central bank is expected to leave rates on hold, according to a unanimous call by economists surveyed by Bloomberg, with recent communications pointing to a wait-and-see approach. The NBP may keep interest rates unchanged despite a considerable downside surprise in the December CPI reading.

  • EUR/PLN last sits at 4.3338, barely changed on the day. The 50-EMA provides the initial layer of resistance at 4.3704. Conversely, bears see Dec 13 low of 4.2935 as their initial target, followed by Mar 4, 2020 low of 4.2870.
  • POLGBs have firmed at the margin, with the belly of the curve outperforming as we type. The WIG20 trades a touch higher on the day, but is struggling to make any significant gains.
  • Local media outlets suggest that this week's parliamentary debate on the 2024 budget bill might be postponed amid political turmoil surrounding the ouster of two lawmakers who have been sentenced in court and are awaiting arrest.
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