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Weekly economic update 29 June - 5 July 2009 |
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The beginning of last week brought deterioration in global markets sentiment under influence of first within last few weeks disappointing data (New York Fed index). However, later during the week moods improved amid better data releases (positive weekly statistics form the Us labour market, strong increase in Philly Fed index). A bunch of domestic economic data was dovish overall despite higher than consensus industrial production, mostly due to more significant than expected fall in CPI and PPI inflation measures, as well as low wage growth.
The macroeconomic assumption for the next year budget, which were approved by the government (GDP growth at 0.5%, CPI inflation at 1%), should be treated as conservative. Changes in EURUSD rate were moderate, core bond markets weakened after temporarily strengthening, domestic yield curve steepened and the zloty slightly depreciated. This week, moods on the global markets will be set by Fed meeting and further important data from the euro zone and US.
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Besides, a publication of the OECD Economic Outlook due for release on Wednesday will also be an important event. In Poland investors will focus on the MPC meeting with expectations for another rate cut.
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Download: Weekly economic update 29 June - 5 July 2009
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