PLN: Zloty Barely Changed, NBP Speak Under Scrutiny
Dec-12 09:15
EUR/PLN changes hands at 4.2279 (+27 pips on the day), with familiar technical levels in play. Initial bullish focus is on Oct 10 high of 4.2681, while bears look for losses through the 4.22 mark towards the 4.20 handle.
- MPC's Ireneusz Dąbrowski echoed the view that there is probably some more room to cut interest rates next year, but central bankers may turn more cautious going forward, and will probably enter 'wait-and-see' mode in the nearest future.
- POLGBs are a tad softer across the curve. The 2-year/10-year re-widening theme continues, with the spread last seen around 127bp versus October's cyclical low of 132bp.
- The broad-based WIG Index gapped higher, adding 0.8% and printing new all-time highs. Blue-chip WIG20 trades 0.9% above neutral levels after hitting new record highs this morning, with fashion retailer LPP leading gains on a strong earnings report.
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US TSY OPTIONS: TYZ5 111.50 Puts Lifted
Nov-12 09:15
TYZ5 111.50 puts paper paid 0-02 on 4K.
GILT SYNDICATION: 1.75% Sep-38 linker: Books Open
Nov-12 09:08
- Size: GBP Benchmark (MNI expects GBP GBP4.5-5.5bln)
- Guidance: UKTi 1.125% 22-Nov-2037 (GB00B1L6W962) +10.50/+10.75bps
- Maturity: 22 September 2038
- ISIN: GB00BMY62Z61
- Benchmark: UKTi 1.125% 22-Nov-2037 (GB00B1L6W962)
- Coupon: 1.75% Semi Annual, ACT/ACT
- Expected Settlement Date: 13-November-2025 (T+1)
- Current O/S : £5.5bln
- JLMs: GSIB (B&D/DM) / JPM / NOMURA / SANTANDER
- Timing: Books open, today’s business
Source: Market source and MNI colour
GBP: Spot Slips on Growing Political Risk, Underperformance in UK Bonds
Nov-12 09:02
GBP weakness does coincide with Streeting's comments being more widely circulated in UK media e.g. Here: https://www.telegraph.co.uk/politics/2025/11/12/politics-latest-news-keir-starmer-leadership-challenge-pmqs/ but nothing particularly new after his appearance on the BBC this morning.
- No real standout volumes on the move: GBP futures activity has picked up, but not notably - suggesting price action here may not be tied to sizeable flow. The more gradual nature of the move in spot also supports this.
- Move in GBP may instead be fix related into 9am - or tied to the underperformance in Gilt markets relative to broader European bonds.
- GBPUSD has stabilised just above the new daily low of 1.3115.
