MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI BRIEF: BOJ To Focus On Continued Positive Wage Setting

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

MNI BRIEF: China Retains Ample Policy Space In H2 – NDRC

MNI BRIEF: Caixin July Manufacturing PMI Falls Below 50

VDMA Factory Orders Remain Weak in June

IFO Employment Lower Again

Swiss July CPI Preview - Expected Below SNB Q3 Projections

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

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Zloty Surges On Gov Glapinski's Comments, PLN/CZK Hits New Highs Amid Contrast With CNB

PLN

The zloty has soared to the top of the EMEA scoreboard after NBP Governor Glapinski stated that the central bank is unlikely to lower interest rates this year, should the economy evolve roughly as expected. Note that the Governor added that he doesn't see an MPC majority behind rate hikes either this year.

  • The zloty's reaction is driven by the asymmetric distribution of rate expectations, with the market pricing a decent amount of monetary easing this year in the lead-up to this week's meeting. While Glapinski's comment playing down potential for rate hikes came as no surprise, his explicit pushback against further rate cuts took many off guard.
  • EUR/PLN stabilises and last trades -230 (-0.5%) pips at 4.3199, with bears looking for a break under Feb 1 low of 4.3069. USD/PLN operates -166 pips (-0.4%) at 4.0149, holding above the 4.00 figure.
  • PLN/CZK has surged 1.1% as the CNB cut rates by 50bp, with one policymaker voting for a 75bp reduction. The pair hit fresh cyclical highs at 5.8234 and last sits at 5.8126.
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