CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1289 FRI VS 7.1305

MNI: LABOUR SET TO WIN UK ELECTION IN LANDSLIDE -EXIT POLL

MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Zloty Remains On Front Foot, POLGB Auction Eyed

PLN

EUR/PLN has edged lower to last sit -65 pips at 4.3627, registering losses for the fourth day in a row. The initial layer of technical support has been defined at 4.2447, the low print of Jan 22. Bulls need a break above Jan 17 high of 4..4124 to regain the initiative. USD/PLN holds a very tight range, staying above 4.00 for now. Meanwhile, PLN/HUF has soared to fresh cyclical highs amid Hungary's continued tensions with the EU.

  • Santander see potential for a slight appreciation of the zloty over the next few months, assuming EUR/USD strengthening and the inflow of fresh EU funds. ING expect EUR/PLN to fall to 4.32, possibly 4.30, over the next two weeks and further to 4.25-4.20 over the medium term.
  • POLGBs are broadly firmer, with the belly of the curve outperforming as we type. Yields sit 2.8-6.7bp lower. The Finance Ministry will offer PLN5bn-7bn worth of bonds at an auction today, with the offering seen as another test of market acceptance for increased supply in budget 2024.
  • The local data docket is virtually empty today, with annual GDP data coming up Wednesday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.