EUR/PLN Little Changed Despite Pre-CPI Greenback Weakness

EUR/PLN oscillates around unchanged levels, last sitting at 4.4660. Domestic headline flow has provided little in the way of notable catalysts, with all eyes on US CPI data today. The pair continues to operate within a well-defined range and a break above Jul 6 high of 4.5040 is needed to signal scope for further gains. Conversely, bears look for losses towards Jul 31 low of 4.3986.

• In their morning research notes, Santander and Millennium Bank point to the recent increase in crude oil prices as a factor which creates an upside risk to the near-term inflation outlook.
• NBP's Joanna Tyrowicz reiterated her call for higher interest rates in an interview for TOK FM radio. However, most MPC members have flagged the potential for a rate-cut debate this autumn.
• POLGB yields have slipped across the curve, while the WIG20 Index has added ~0.8% so far.