POLAND: MPC Hawk Tyrowicz Calls On Colleagues Not To Ease Policy
Apr-10 08:00
- Defence Minister Wladyslaw Kosiniak-Kamysz meets with US Secretary of the Army Daniel Driscoll today, following the announcement of the planned relocation of US troops stationed in Rzeszow-Jasionka, a key logistical hub and gateway for foreign military aid flowing into Ukraine. Polish officials have been trying to play down the news, but there has been a sense of concern about the upcoming changes, which take place amidst a review of the terms of US military presence in Europe. There is a general perception that there will be more pressure on Poland to take care of its national security going forward, but questions abound about the pace of the process.
- Joanna Tyrowicz, the "last hawk" in the NBP, urged her colleagues not to cut interest rates in May in a couple of interviews given to DGP and Money.pl. She told DGP that "any interest-rate cut today would be a departure from the MPC's mandate and would harm Polish economy." Although she appeared to have incrementally softened her stance, as she admitted that it might be sufficient to keep rates unchanged to achieve the inflation target, provided that wage growth slows, she also dismissed the idea that the inflation problem has been sorted as absurd. Speaking to Money.pl, Tyrowicz attributed price pressures to heightened domestic demand and said that a rate cut in May would be another one in a series of errors committed by the NBP.
- Finance Minister Andrzej Domanski called US President Trump's decision to pause the additional tariffs on top of the baseline 10% rate for 90 days "the first right step towards de-escalation".
- The NBP said it will host an informal meeting of EU central bank chiefs on April 11-12. It will be held alongside a meeting of EU Finance Ministers (ECOFIN).
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GILTS: Opening calls
Mar-11 07:58
Gilt Calls, another wide one, 92.09/92.58 range.
EQUITIES: EU Cash Opening calls
Mar-11 07:56
Estox 50: +0.71%, Dax: +0.61%, CAC: +0.29%, FTSE +0.24%, SMI -0.22%.
AUDUSD TECHS: Trading Above Support
Mar-11 07:55
- RES 4: 0.6429 High Dec 12 ‘24
- RES 3: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 2: 0.6409 High Feb 21 and a bull trigger
- RES 1: 0.6364 High Mar 6
- PRICE: 0.6287 @ 07:54 GMT Mar 11
- SUP 1: 0.6259/6187 Intraday low / Low Feb 4
- SUP 2: 0.6171/6088 Low Feb 4 / 3 and a key support
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
Recent gains in AUDUSD resulted in a move through both the 20- and 50-day EMAs. A resumption of gains and a stronger recovery would undermine a recent bearish theme and expose key short-term resistance at 0.6409, the Feb 21 high. Clearance of this hurdle would strengthen a bull cycle. On the downside, a move below 0.6187, the Mar 4 low, is required to reinstate a bear threat and open the bear trigger at 0.6088, the Feb 3 low.
