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NBP Ancyparowicz Says 'Too Early To Talk About Rate Hikes'

POLAND
  • In an interview today, NBP policymakers Grazyna Ancyparowicz revealed that it was too early to talk about rate hikes and that the MPC should wait until the central bank's July projections to decide whether it is time to start a tightening policy.
  • Even though she confirmed that the spike in inflation should be temporary, her tone seems to have become slightly more hawkish compare to three weeks ago when Ancyparowicz mentioned that she was seeing 'stable rates' until the end of her MPC term, which is in February 2022.
  • The rise in disagreements between NBP policymakers over the trajectory of ST rates has led to strong demand for the Polish Zloty.
  • PLN has appreciated nearly 8% against the US Dollar since the start of April and is currently testing its 3.70 support, which represents the 61.80% Fibo retracement of the 3.31 - 4.31 range; a break below this level could open the door for a move down to 3.62.
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