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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.
PLN
EUR/PLN has crept higher, with the recovery in the BBDXY index possibly facilitating the move. The zloty sits at the bottom of the EMEA pile, even as the CZK and HUF are showing some strength. The dovish reception of recent data releases might be keeping a lid on the PLN, with Polish FRAs struggling to mirror a recent uptick in Czech peers.
- Santander write that the government's decision to retroactively lower electricity prices for households by 5% may slightly lower inflation in the month when it takes effect, possibly September. They estimate that the measure could lower inflation by around 0.2pp, which would take inflation at the end of Q3 significantly below +9.0% Y/Y.
- EUR/PLN last deals at 4.4874, up 190 pips on the session, with bulls eyeing a test of key resistance from Jul 6 high of 4.5040. On the flip side, bears see Jul 31 low of 4.3986 as their initial target.
- POLGB yield curve has bull flattened, with 2s leading gains as they last trade 7.8bp richer. The WIG20 Index has extended recent losses, shedding ~0.8% so far.
- Note that the NBP postponed its next monetary policy meeting to September 12-13. According to Bloomberg, the central bank's press office wasn't immediately aware of the reason behind the change of schedule.
Fig. 1: PLN 6x9 FRA vs. CZK 6x9 FRA
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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