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Reporting on key macro data at the time of release.
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- The NBP decided to follow consensus and hike the policy rate by 50bps to 1.75% even though inflation continued to surprise positively in November.
- The worsening outlook due to the rising Covid uncertainty resulted in a ‘less aggressive hike’ in today’s meeting, which has been weighing on the PLN.
- Policymakers are now split between elevated inflationary pressures and a worsening economic outlook.
- As the uncertainty over the policy outlook keeps rising, selling pressure on PLN could remain elevated in the near term, which will support inflation expectations.
- EURPLN has been trending higher following the decision, breaking above the 4.60 level and currently trading at the high of its 3-day range. Next support to watch on the topside stands at 4.6230.