PLN: Zloty Regains Poise, Wage Growth Eases
Feb-20 10:27
EUR/PLN changes hands -57 pips at 4.1702, with bears turning their focus to the key 4.15 figure again. Yesterday's rebound allowed the pair to unwind oversold conditions. Conversely, renewed gains past 4.20 would bring the 50-EMA at 4.2243 into view.
- Wage growth slowed to +9.2% Y/Y in January, which was the second consecutive month with a single-digit outturn, while overall the latest set of economic activity indicators was more or less as expected. The data should not move the needle for the NBP, as most see July as the earliest moment when the central bank could start cutting rates.
- Local equities have struggled to claw back yesterday's losses, with the WIG20 Index shedding a further 0.6% this morning.
- POLGB yields have crept higher and now sit above neutral levels.
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Historical bullets
EGB OPTIONS: Bobl strangle buyer
Jan-21 10:24
OEH5 116.50/117.50^, bought for 54.5 in 3k.
FOREX: FX OPTION EXPIRY
Jan-21 10:20
Of note:
EURUSD 9.86bn at 1.0300/1.0400.
USDJPY 2.25bn at 156.00/156.05.
EURUSD 1.74bn at 1.0345/1.0350 (wed).
AUDUSD 2.11bn at 0.6210 (wed).
EURUSD 1.11bn at 1.0320 (thu).
USDCAD 1bn at 1.4400/1.4405 (thu).
EURUSD 1.37bn at 1.0350 (fri).
USDCAD 1.45bn at 1.4380 (fri).
- EURUSD: 1.0300 (1.96bn), 1.0325 (3.53bn), 1.0350 (1.04bn), 1.0400 (3.33bn).
- USDJPY: 156.00 (1.51bn), 156.05 (736mln).
- AUDUSD: 0.6200 (775mln).
EGB SYNDICATION: New 15-year OAT: Final Spread
Jan-21 10:19
- Spread set previously at 0.50% May-40 OAT (MID) +8bps (Guidance was +10bps area)
- Size: EUR Benchmark (MNI expect E5-8bln with upside risks of E9-10bln)
- Books in excess of E135bln (inc JLM interest)
- Maturity: 25 May 2042
- Settlement: 28 January 2025 (T+5)
- Coupon: Full first coupon on 25 May 2025
- ISIN: TBC
- Bookrunners: BNPP / CACIB / HSBC / MS / SG (DM and B&D)
- Timing: Allocations and pricing later today.
Details as per Bloomberg
