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Majority of NBP MPC Board Said June Rate Hike Would Have Harmed Growth

POLAND
  • Majority of the NBP MPC board said that June rate hike would have harmed growth expectations and would not have tamed CPI according to the minutes of the June meeting.
  • MPC rejected motion to raise key rate by 15bps in June.
  • NBP policymakers saw stable rates in the near future during that meeting.
  • USDPLN is roughly unchanged following the minutes publication and is currently testing it 3.8350 support.
  • Poland 10Y yield has been consolidating higher in the past two days after failing to break below its 1.60% support; next resistance to watch on the topside stands at 1.77% (50DMA). On the downside, first support to watch below 1.60% stands at 1.53%.

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