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NatWest Turn Bullish On Zloty, Poland Observes Holiday

POLAND
  • NatWest said that they have turned "outright bullish" on the PLN and recommended shorting the HUF. Their strategist Eimear Daly noted that "investors believe high carry will soon be cut in Hungary and Czech, while they are more confident Poland's central bank will maintain its sizeable carry for longer." Daly added that that it's hard to see NBP Governor Adam Glapinski's comments suggesting that he hopes to cut interest rates "leading to a dovish repricing," while premature easing remains a risk to all EM currencies. This comes after EUR/PLN sold off sharply on Tuesday, refreshing its 11-month lows, as the Zloty outperformed its EMEA peers by comfortable margins.
  • Polish markets are closed for a public holiday.

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