|

Zloty close to an eight-month high

Regional Overview

Macro, FX & Rates: Zloty close to an eight-month high

(PL) On Thursday, the polish zloty strengthened and was trading close to an eightmonth high against the euro. / Apart from a stable rating, good prospects of the Polish economy, rising inflation and dovish Fed hike, minutes from the latest meeting of the Monetary Policy Council (MPC) could have supported the zloty. The majority of MPC still keeps its view that interest rates should remain unchanged in the following quarters. But the minutes also said that it might be justified to consider an increase in the NBP interest rates if inflation continues to surprise to the upside (in comparison with March projection). All in all, the wording remained very similar to the previous one but this time it also showed some concerns of possible impact of (low) real interest rates on asset prices in Poland.

(CZ) Ministry of finance sold three times what it had offered at a T-bill auction yesterday. / Strong demand (it has nearly doubled in comparison with the auction which took place week before) stems from the fact that the end of CNB's "hard commitment" to intervene against the koruna's appreciation at least until the end of March is approaching.

 LASTPREVIOUSCHANGE (%)
EURCZK27.0227.020.00
EURHUF308.7308.70.00
EURPLN4.2814.2810.00
 LASTPREVIOUSCHANGE (bps)
CZGB 10Y0.9450.9450.0
HUGB 10Y3.573.570.0
PLGB 10Y3.693.690.0
 LASTPREVIOUSCHANGE (%)
PX982.7982.70.00
BUX32044320440.00
WIG59453594530.00


Download The Full European Economic Review

Author

More from KBC Market Research Desk
Share:

Editor's Picks

EUR/USD plummets to 1.1840 on US NFP

EUR/USD’s selling momentum now picks up pace and rapidly hits the 1.1840 region on Wednesday. Indeed, the pair’s decline comes amid rising buying pressure on the US Dollar in the wake of firmer-than-expected results from US NFP in January.

GBP/USD approaches 1.3600 on USD-buying

GBP/USD adds to Tuesday’s pullback and trades closer to the 1.3600 support on Wednesday. That said, Cable’s extra downside traction comes against the backdrop of renewed strength in the Greenback as investors assess the latest US NFP data.

Gold trims gains post-NFP, targets $5,000

Gold rapidly reverses initial gains and retreats to the vicinity of the $5,000 region per troy ounce amid further gains in the Greenback and rising US Treasury yields, all following the latest US NFP readings.

Ripple Price Forecast: XRP sell-side pressure intensifies despite surge in addresses transacting on-chain 

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.

US jobs data surprises to the upside, boosts stocks but pushes back Fed rate cut expectations

This was an unusual payrolls report for two reasons. Firstly, because it was released on  Wednesday, and secondly, because it included the 2025 revisions alongside the January NFP figure.

Bitcoin price slips below $67,000 ahead of US Nonfarm Payrolls data

Bitcoin price extends losses, and trades below the lower consolidating boundary at $67,300 at the time of writing. A firm close below this level could trigger a deeper correction for BTC. Despite the weakness in price action, institutional demand shows signs of support, recording mild inflows in ETFs so far this week.