PLN: Zloty Creeps Higher, Holds Familiar Range
Jul-25 09:14
EUR/PLN deals at 4.2540, a touch lower on the day. A dip through the 100-DMA (4.2469) and trendline support (4.2404) would expose May 15 low of 4.2230. On the flip side, a clearance of trendline resistance (4.2783) would open up Apr 16/Dec 25 highs of 4.3102/4.3114.
- PM Tusk told his ministers that he would be imposing discipline in votes on legislation proposed by the government. He warned that if a Cabinet minister votes out of line, they will lose their portfolio the following day.
- Energy Minister Miłosz Motyka said that the re-tabling of household energy price freezing mechanism was on the table, depending on the updated tariffs and a decision will be made in late autumn.
- Deputy Defence Minister Cezary Tomczyk warned that intelligence reports suggest that 2027 could be a 'crisis year' in terms of global conflicts. PM Tusk meets with NATO's Supreme Allied Commander Europe Alexus Grynkewich today.
- POLGB yields have edged higher, curve runs a tad steeper. The 2-year/10-year POLGB spread has widened to levels last seen in 2021.
- The broad-based WIG Index has shed 0.6%; WIG20 sits 0.8% lower on the session.
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GREECE T-BILL AUCTION RESULTS: 26-week GTB
Jun-25 09:11
| Type | 26-week GTB |
| Maturity | Dec 29, 2025 |
| Amount | E500mln |
| Target | E500mln |
| Previous | E500mln |
| Avg yield | 1.75% |
| Previous | 1.74% |
| Bid-to-cover | 2.12x |
| Previous | 1.91x |
| Previous date | May 28, 2025 |
EUROZONE DATA: Indeed Wage Tracker Eases In May; Consistent With ECB Tracker
Jun-25 09:10
The May Indeed wage tracker, released yesterday, eased to 2.5% Y/Y (vs 3.2% prior) for the lowest rate since late 2021. The 3mma Y/Y rate was steady at 3.0%. Overall, the message from Indeed remains broadly consistent with the ECB’s forward looking wage tracker.
- Wages for posted jobs in Germany eased to 3.3% Y/Y (vs 4.6% prior), with the 3mma rate steady at 3.8%.
- In France, which makes up a significant proportion of total observations in the Euro-area wide tracker, posted pay growth was unchanged at 2.0% Y/Y (3mma also unchanged at 1.9%).
- Spain and Italy have much smaller sample sizes, which limits the signal from the tracker. Italian job posting pay growth was supposedly 0.0% Y/Y (!) in May, with Spanish growth easing to 2.9% Y/Y (vs 3.3% prior).
ITALY AUCTION RESULTS: BTP Short Term / BTPei Results
Jun-25 09:08
| 2.10% Aug-27 BTP Short Term* | 1.10% Aug-31 BTPei* | |
| ISIN | IT0005657330 | IT0005657348 |
| Amount | E3bln | E3bln |
| Previous | E2.75bln | E1bln |
| Avg yield | 2.120% | 1.210% |
| Previous | 2.010% | 1.240% |
| Bid-to-cover | 1.49x | 1.46x |
| Previous | 1.61x | 1.57x |
| Avg Price | 99.990 | 99.380 |
| Prev avg price | 100.930 | 100.100 |
| Previous date | 27-May-25 | 27-May-25 |
| Previous ISIN | IT0005633794 | IT0005138828 |
| Previous bond | 2.55% Feb-27 BTP Short Term | 1.25% Sep-32 BTPei |
