National Bank of Poland

Somewhat Weaker Dollar

April 8, 2021

The dollar is trading 0.2% lower against its DXY weighted index and versus the loonie, Swiss franc, sterling, Turkish lira and Mexican peso. Larger drops include losses of 0.6% versus the yen, 0.5% against the kiwi and yuan, and 0.4% vis-a-vis the New Zelanad dollar. No net change against the euro limited the weighted dollar’s […] More

Uncertain Economics, Public Health, and Politics

February 4, 2021

Investors continue to grapple with uncertainty on several planes. Covid: The trend in new cases has slowed but remains well above what was seen in earlier waves of the pandemic. Hospitalizations are down, but two potential super-spreading events loom: the Chinese New Year holiday and Super Bowl Sunday in the United States. Vaccines are being […] More

Poland’s Second 50-Basis Point Central Bank Cut Since March 17th

April 8, 2020

Poland’s central bank reference rate has been halved to 0.50% and henceforth will be surrounded by a zero percent deposit rate and a 1.0% Lombard rate. There had been an initial monetary¬† policy response to Covid-19 on March 17, including a 50-basis point interest rate cut, liquidity injections via repo operations, and a program of […] More

More Fuel for These Stressful Times

April 8, 2020

Finance ministers in the euro area for a second time failed to secure a deal that would coordinate their response against the coronavirus pandemic. They will try again later. The Bank of France revised its forecast of French real GDP growth in the first quarter of 2020 from +0.1% to negative 6%, which would make […] More

Share Prices Rise on Primary Results and Another Active Day on Central Banking Front

March 4, 2020

Share prices have climbed in Europe by at least 1.4% in Germany, Spain, Italy, Switzerland, the U.K. and France. U.S. futures are higher too. The contest to decide the Democratic Party’s presidential nominee has revealed sharp regional, generational, ethnic divisions in the party. Biden won the South including Texas and Midwest; Sanders captured California, Colorado […] More

Continuing Resurgence of Equities and a Moderately Stronger Dollar, Too

February 5, 2020

Share prices climbed overnight by another 1.3% in China, 1.2% in Japan, 1.4% in Singapore, 1.0% in Indonesia and 0.9% in India and New Zealand. European gains thus far amount to 1.4% in Germany, 1.5% in Spain, 0.9% in France, and 0.6% in Great Britain. In the U.S., the DJIA is 1.1% higher, currently, and […] More

Dollar Firms Modestly; Equity Markets are Mixed

January 8, 2020

The dollar recorded overnight gains of 0.3% against the euro, 0.2% versus the yen and sterling, and 0.1% vis-a-vis the loonie. The dollar remains unchanged relative to the yuan, Swiss franc and kiwi. ADP estimates that U.S. private-sector employment increased last month by a robust 202k, beating November’s result and exceeding analyst expectations. There was […] More

Concerns Over Trade Lessen

December 4, 2019

Zig-zagging perceptions from day to day about the likelihood of a U.S.-Sino trade deal have been a major source all year of short-term financial market volatility. The shifts often happen inexplicably, like changing weather. Today investors are more hopeful than yesterday that a deal will be reached to culminate phase I of the trade negotiations. […] More

A Steady Dollar

November 6, 2019

The dollar on balance remains near Tuesday closing levels. Gold is 0.3% firmer. The spate of recent increases in 10-year sovereign debt yields was reversed today with 3-basis point declines in U.S. Treasuries and British gilt yields and a dip of 1 basis point in the 10-year German bund yield. The Japanese 10-year JGB yield, […] More

Nervous Market Tone Continuing

October 2, 2019

Investors remain leery that policymakers are up to the task of containing the slowdown of global growth. Monetary stimulus has grown old and less effective, while fiscal support is largely missing in action. The trade war motors on even as evidence such as the September purchasing manager surveys show that nobody wins. British Prime Minister […] More

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