POLAND: Wibor Rates
Jun-22 09:02
| Wibor Today's Rate (%) | (1D change) | |
| 1M | 6.49 | (5 bps) |
| 3M | 6.97 | (3 bps) |
| 6M | 7.24 | (3 bps) |
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EUR: Extending gains
May-23 08:59
- The EUR remains underpinned, bid, finding support after ECB Lagarde's Hawkish statement.
- The currency test session high versus CHF, USD, CAD, JPY, CNH, and pare some of its losses against the Kiwi and AUD.
- Next upside target for the EURUSD is seen towards 1.0697.
BONDS: Italy vs Germany
May-23 08:54
- BTP/Bund unwind some of the tightening, was circa 5bps, now 2.1bps.
- The spread formed a May double top at 204.77/205.10, which was the widest print since 25/05/20.
- Spread is at 202.8bps.
Chart source: MNI/Bloomberg
FRANCE: Latest Poll Shows Macron's Legislative Majority Under Threat
May-23 08:31
Latest poll from Ipsos ahead of the 12/19 June legislative elections shows President Emmanuel Macron's centrist 'Ensemble' alliance on course to remain the largest grouping in the National Assembly, but its prospects of retaining a majority are more uncertain.
- Seat projection: Ensemble: 290-330 seats, NUPES: 165-195, LR/UDI: 35-65, RN: 20-45, Others: 5-10. Ipsos/CEVIPOF, 19/05/22
- With 289 seats required for a majority, the lowest end of the Ensemble seat projection range sits just one seat above this threshold.
- The primary threat to Macron's group retaining its majority is the leftist NUPES alliance containing a range of left and centre-left parties including Jean-Luc Melenchon's La France Insoumise and the centre-left Socialist Party (PS), historically a dominant force in French politics.
- In the event Macron's group loses its majority, it will be reliant on opposition support to enact the president's reform agenda, a difficutl prospect. A major underperformance from Macron's bloc/a shock outperformance from NUPES would lead to a period of 'cohabitation', with Macron forced to appoint a PM from the leftist bloc, making any policy enactment a slow and ill-tempered process.
