Lack Of Curveballs From NBP Leave Polish Assets Unfazed, Focus Turns To Presser

The National Bank of Poland recycled large chunks of its January statement, throwing no curveballs in the communique from the latest MPC meeting. Members voted to keep interest rates unchanged, which was a universally expected outcome, on the assessment that inflation will gradually return to the target range. They reaffirmed readiness to intervene in FX markets if needed to support monetary policy objectives.

• EUR/PLN has been fluctuating within a very tight ranges since the announcement of the rate decision at 13:55GMT, showing no particular reaction to the subsequent release of the statement at 15:00GMT.
• The rate last trades at PLN4.7413, down 103 pips on the day. The pair has erased the entirety of yesterday's losses, with bears hoping for a deeper sell-off towards PLN4.6787, which limited losses on Feb 2.
• POLGB yield curve runs flatter and sits lower, albeit the initial buying impetus has dissipated, with bonds moving away from best levels. Benchmark 10-year yield is now trying to establish itself above the 6% mark.
• The focus turns to a press conference with NNBP Governor Adam Glapinski, who will speak tomorrow at 14:00GMT/13:00CET.