MNI FED WATCH: Powell-No Hurry To Cut Still-Restrictive Rates

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: Rough Transcript Of Fed Chair Powell's January Presser

MNI: Fed Statement Comparison - January vs. December

MNI INTERVIEW2: New NBH Chief Must Clarify Reaction Function

MNI BRIEF: U.S. Senate Confirms Bessent as Treasury Secretary

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR +3.46M TO 415.1M JAN 24 WK

MNI: US MBA: MARKET COMPOSITE -2.0% SA THRU JAN 24 WK

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PLN: Zloty Trails CE3 Peers, Overall Gain May Be Constrained By Dovish Final CPI

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN deals at 4.2597, down 47 pips on the session. The 4.25 area continues to provide a key zone of support and continued losses would turn the focus to Jan 6 low of 4.2463. Meanwhile, recovery would bring the 50-EMA (4.2814) into play. Following the release of final Polish CPI data, it is the US CPI report that can provide the next price catalysts, while market participants await tomorrow's rate decision from the NBP.

  • Statistics Poland revised the December reading of headline inflation 0.1pp lower to +4.7% Y/Y, bringing it into line with the November reading. Updated figures suggested that sequentially price growth halted at the end of last year, with prices staying unchanged M/M (versus a flash reading of +0.2%). Local sell-side desks pointed to a surprising decline in core inflation, with their estimates derived from revised data, although the NBP will only release the official core CPI print tomorrow. Although the report was a dovish signal, it is unlikely to change the outcome of the ongoing monetary policy meeting.
  • The central bank will announce its rate decision at an unspecified time tomorrow and virtually all analysts expect a hold (see our preview here), in line with consistent guidance from MPC members. The main question is whether Governor Adam Glapinski will stand by his controversial hawkish pivot during Friday's press conference or will he try to moderate his earlier rhetoric amid pushback from a number of fellow rate-setters.
  • POLGB yields have gradually faltered across the curve after the release of final CPI data. Polish FRAs have ticked lower, albeit they generally hold familiar ranges.
  • The WIG20 Index has advanced by 1.1% this morning.
270 words

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.

EUR/PLN deals at 4.2597, down 47 pips on the session. The 4.25 area continues to provide a key zone of support and continued losses would turn the focus to Jan 6 low of 4.2463. Meanwhile, recovery would bring the 50-EMA (4.2814) into play. Following the release of final Polish CPI data, it is the US CPI report that can provide the next price catalysts, while market participants await tomorrow's rate decision from the NBP.

  • Statistics Poland revised the December reading of headline inflation 0.1pp lower to +4.7% Y/Y, bringing it into line with the November reading. Updated figures suggested that sequentially price growth halted at the end of last year, with prices staying unchanged M/M (versus a flash reading of +0.2%). Local sell-side desks pointed to a surprising decline in core inflation, with their estimates derived from revised data, although the NBP will only release the official core CPI print tomorrow. Although the report was a dovish signal, it is unlikely to change the outcome of the ongoing monetary policy meeting.
  • The central bank will announce its rate decision at an unspecified time tomorrow and virtually all analysts expect a hold (see our preview here), in line with consistent guidance from MPC members. The main question is whether Governor Adam Glapinski will stand by his controversial hawkish pivot during Friday's press conference or will he try to moderate his earlier rhetoric amid pushback from a number of fellow rate-setters.
  • POLGB yields have gradually faltered across the curve after the release of final CPI data. Polish FRAs have ticked lower, albeit they generally hold familiar ranges.
  • The WIG20 Index has advanced by 1.1% this morning.