POLAND: NBP To Announce Rate Decision
Oct-02 07:01
- The National Bank of Poland (NBP) is set to leave interest rates unchanged today amid what is expected to be a temporary flare-up in inflation, driven by higher energy costs and unfavourable base effects. However, the rhetoric of most MPC members have turned more dovish recently, pointing to the potential for starting a discussion on interest-rate cuts in early 2025. For more details, see our preview of today's NBP decision. Note that there is no fixed time for the announcement or for the release of the statement.
- The parliamentary Constitutional Accountability Committee (ODK) launches a probe into the conduct of NBP Governor Adam Glapinski and will summon the first five witnesses to testify later today. The hearings will take place behind closed doors and the committee is planning to summon at least 50 witnesses. The Governor himself will likely be summoned closer to the end of the process.
- President Andrzej Duda warned that although the costs of supporting Ukraine have been "material rather than human so far," he emphasised the phrase "so far," pointing to Russian imperial ambitions reaching beyond Ukraine's borders.
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ESM ISSUANCE: ESM €2bn WNG 10yr - Guidance
Sep-02 07:00
Issuer: European Stability Mechanism (ESM)
Size: EUR 2bn will not grow
Settlement: 9 Sept 2024
Maturity: 15 Sept 2034 (10y)
Coupon: Ann, ACT/ACT, long first to 15-Sep-2025
Guidance: MS+28bps area
ISIN: EU000A1Z99U9
Bookrunners: Citi (B&D/DM), LBBW, UniCredit
Timing: Books open, today's business
Per market source
EQUITIES: Futures Point To Flattish Starts
Sep-02 07:00
Mixed moves in futures ahead of the open, but generally pointing to flattish starts.
- Euro Stoxx 50 -0.14%, FTSE 100 +0.19%, CAC 40 -0.07%, FTSE MIB -0.12%.
USDCAD TECHS: Bear Threat Remains Present
Sep-02 06:59
- RES 4: 1.3739 High Aug 15
- RES 3: 1.3663 50-day EMA
- RES 2: 1.3604 20-day EMA
- RES 1: 1.3519 High August 26
- PRICE: 1.3493 @ 07:58 BST Sep 2
- SUP 1: 1.3441 Low Aug 28
- SUP 2: 1.3420 Low Mar 8
- SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
- SUP 4: 1.3288 Low Jan 5
USDCAD is unchanged and a bearish theme remains intact. The latest impulsive sell-off reinforces the current bearish condition and moving average studies are in a bear-mode set-up. Furthermore, 1.3589, the Jul 11 low, has recently been cleared, strengthening a bearish theme. Sights are on 1.3358, a Fibonacci projection. On the upside, initial firm resistance to watch is at 1.3604 the 20-day EMA.
