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Glapinski Considers Himself A ‘Hawk’ Now

POLAND
  • NBP Governor reiterated during the press conference today that the recent PLN strength will have some impact on inflation and that the central bank will do everything to strengthen the Zloty and stem inflation.
  • Glapinski added that Poland will not reach its CPI target by the end of 2023, and will encourage the MPC to continue with another hike in March.
  • Debate the terminal rate in on-going, but even a terminal rate of 4% will not harm the domestic economy given how fast Poland is currently growing.
  • Glapinski currently considers himself a ‘hawk’ and will encourage all MPC members to continue the tightening cycle.
  • PLN continues strength following Glapinski word, with USDPLN approaching the 3.9190 support, which corresponds to the 200DMA.
  • EURPLN broke below its LT upward trending channel and is currently trading slightly below the 4.50 level.
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