Weekly

The economic data calendar for the next week is quite light. Important indicators will appear in Poland only on Friday: full data on CPI inflation for November and on the October balance of payments. (...) After another hawkish pivot of the NBP governor Adam Glapiński, followed by contradicting opinions of MPC members (H.Wnorowski and L.Kotecki this morning), in the coming days  the market will be on the lookout for any new signals from the MPC, which will allow to assess the distribution of views on the monetary policy outlook. (...) The event of the week will be  the ECB meeting on Thursday. The bank is likely to cut interest rates once again in response to the deteriorating economic outlook for the eurozone. The consensus forecast points to a 25bps cut, while some members of the ECB Council, including Chief Economist Philip Lane, suggested that a discussion about a 50bps cut is possible. 
 

Next week, the most important economic events in Poland will be the decision-making meeting of the Monetary Policy Council, which ends on Wednesday, and the conference of NBP Governor Adam Glapiński on Thursday. (...) Apart from that, the only release on the state of the Polish economy will be the November print of the manufacturing PMI (Monday). (...) Abroad, the most important release will be the report on the state of the US labour market in November, which will be published on Friday. (...)