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Morning Summary: Unemployment Rate Falls to 6.4% in March

POLAND
  • Covid daily new cases continue to drop with the 7D SMA falling from 16,200 to 1,100 in the 7 days. Polish officials will present a detailed plan for reopening sectors such as restaurants and hotels on Wednesday.
  • President Andrzej Duda recently mentioned that NBP governor Adam Glapinski was doing 'very well' at keeping the economy and finances on track during the pandemic and deserves a second term as governor (Glapinski 6-year term end in June 2022).
  • Today, unemployment rate fell by 0.1 ppt to 6.4% in March (as expected) according to the Labor Ministry.
  • Next important economic data to watch is the preliminary CPI coming out on April 30; policymakers have recently mentioned several times that inflationary pressures could continue to rise in the short term and that April CPI could reach 4% YoY in April (diverging significantly from the 3.5% NBP upper tolerance band).

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