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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.
PLN
EUR/PLN has inched higher, hitting new weekly highs, albeit the general sideways trend remains intact. A sense of concern with military tensions near the border with Belarus may have applied some pressure to the zloty.
- The pair ticked higher as Russian President Putin said that any "aggression" towards Belarus would be treated as aggression towards Russia.
- This came after Poland decided to beef up military presence in the east amid reports that Wagner mercenaries were training Belarussian troops just across the border.
- POLGB curve has flattened today as the long end led gains. The FRA curve has been under light pressure, but failed to unwind the shift higher seen Wednesday/Thursday.
- The forward-looking 6-Month WIBOR has now moved below the NBP's reference rate, while 3-Month WIBOR looks set to to stage a crossover soon.
- Meanwhile, WIRON rates continue to creep higher. The transition period for the replacement of WIBOR with WIRON started this year and will end in 2025.
- NBP's Wieslaw Janczyk added to the recent dovish NBP speak, noting that a debate on cutting rates in September/October seems fully justified.
Fig. 1: NBP Reference Rate vs. 3-/6-Month WIBOR/WIRON
Source: MNI - Market News/Bloomberg
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.
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