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Zloty On Defensive, Gov't Bond Yields Extend Declines

PLN
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EUR/PLN snaps its six=day losing streak and trades at PLN4.6952, around 250 pips higher on the day. Further gains above Nov 22 high of PLN4.7177 would support the case for a stronger rebound, while bears look for a dip through Nov 30 low of PLN4.6595 before targeting Aug 15 low of PLN4.6528.

  • Polish government bond yields sit 16.5-20.8bp lower across the steepened curve. Benchmark 10-year yield declined to new two-month lows of 6.39% before recovering to 6.43%, where it operates at typing. Poland/Germany 10-year yield spread has continued to tighten today.
  • Poland's S&P Global Manufacturing PMI improved to 43.4 in November from 42.prior, printing slightly above the expected 43.0 figure. However, in the grand scheme of things the index remains at depressed levels.
  • WIG20 has broken above its 200-DMA and last trades 0.92% higher on the session amid positive performance from the global equity markets.
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EUR/PLN snaps its six=day losing streak and trades at PLN4.6952, around 250 pips higher on the day. Further gains above Nov 22 high of PLN4.7177 would support the case for a stronger rebound, while bears look for a dip through Nov 30 low of PLN4.6595 before targeting Aug 15 low of PLN4.6528.

  • Polish government bond yields sit 16.5-20.8bp lower across the steepened curve. Benchmark 10-year yield declined to new two-month lows of 6.39% before recovering to 6.43%, where it operates at typing. Poland/Germany 10-year yield spread has continued to tighten today.
  • Poland's S&P Global Manufacturing PMI improved to 43.4 in November from 42.prior, printing slightly above the expected 43.0 figure. However, in the grand scheme of things the index remains at depressed levels.
  • WIG20 has broken above its 200-DMA and last trades 0.92% higher on the session amid positive performance from the global equity markets.