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Morning Summary: Supreme Court To Issue Guidance On FX Loans

POLAND
  • Covid daily new cases continue to drop with the 7D SMA falling from 6,200 to 4,200 in the 7 days; therefore, PM Mateusz Morawiecki announced the gradual reopening of Poland economy last week.
  • After Governor Glapinksi and Grażyna Ancyparowicz both confirmed that they were not currently worried about the inflation risks and both favoring low rates until at least the end of Q1 2022 to maintain financial conditions as loose as possible, we heard MPC member Eugeniusz Gatnar mentioned that inflation may average 4.2% in 2021, which is significantly higher than sell-side and NBP projections. Gatnar said that inflation could reach 5% in June and expects demand pressure to build in Poland.
  • Hence, growing concerns over rising inflationary pressures could increase disagreements over the trajectory of rates in the coming months.
  • Next data to watch is the Final CPI print coming out on May 14.
  • At 9am London time, the Supreme Court starts hearing about guidance on rulings in FX-mortgage disputes. It is not clear when the tribunal will publish its opinion according to Bloomberg.
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