MPC's Wnorowski Says Today's PLN Appreciation Likely Due To Exporters Exchanging Reserves

MPC's Henryk Wnorowski told Biznes24 TV that the central bank did not intervene in FX markets today and the zloty's appreciation was most probably the result of exporters exchanging their reserves.

• Wnorowski added that further MPC decisions will depend on incoming data, but he believes that the disinflation trend is permanent now and he expects it to speed up to over 1pp per month (2pp would be a "dream scenario").
• EUR/PLN has now recouped the bulk of its initial losses and last trades at 4.6249, just 28 pips shy of neutral levels. The pair tanked as low as to 4.5951 into the European morning, before rebounding from there.
• Pekao wrote this morning that "the sharp depreciation of the zloty was a result of the combination of global factors and the surprising MPC decision. Today we see a rapid change of sentiment. Making it more interesting is the fact that yesterday's levels proved very attractive for exporters."