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EURPLN Narrows Gap to Major Support Level Following NBP Presser

PLN

EURPLN is through yesterday’s low at 4.4274 following Glapinski’s presser, narrowing the gap to the mid-October lows at 4.4096 and 4.3986 further out - the Jul 31 low and major support. A break of this level would open 4.3711, the Jun 3 2020 low.

  • While Glapinski refused to rule out whether the Polish rate cycle had reached a pause, he said he “doesn’t envisage” rate hikes any time soon, but that instead the next projections (in March 2024) will be a key signal for the monetary policy outlook. On the incoming coalition government, the governor noted that their policy proposals could be pro-inflationary, and that this had not been reflected in the NBP’s latest inflation projections.
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