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2020/08/03 / Erste Group Research

Poland Weekly Focus | PMI rebounded in July


This week, there are no macro releases scheduled in Poland. We will get to see retail sales and industrial output in the region for June. Global sentiment will be driving the markets, especially important macro data is due in the US.

In July, the Polish PMI rebounded to 52.8, suggesting a recovery in the manufacturing index. This was the highest reading since mid-2018.The rebound of the index was mostly driven by rising output and new orders. Employment was the only category to see a further fall.

Towards the end of the last week, 10 yields dropped toward 1.25%, mirroring development on the core markets. In particular, the 10Y German yield went to -0.55%. This week, the Ministry of Finance has a switched auction scheduled on August 6. Otherwise, global sentiment will be driving the markets, especially the important macro releases are due in the US (ISM index, labor market data).

This week, lack of domestic data leaves FX market development to be determined by global factors. For the EURUSD, apart from macroeconomic data, the negotiations in the US Congress on a new fiscal package and any risks of a delayed presidential election could be just as important.

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General information

AuthorErste Group Research
Date2020/08/03
Languageen
Product nameCEE Country Update
Topic in focusMacro/ Fixed income
Economy in focusPoland
Currency in focusPolish Zloty
Sector in focus-
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