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NBP 'Dovish' Hike Send EURPLN Higher

POLAND
BulletEM BulletEmerging Markets
  • The 'dovish' NBP hike today (75bps vs. 100bps expected) has led to some PLN weakness, with EURPLN approaching its ST resistance at 4.6980 (50DMA).
  • A break above that level would open the door for a move up to 4.7280.
  • Market was expected a hawk response today following the strong 'positive' surprise in inflation in April.
  • As a reminder, inflation accelerated to 12.3% in April (vs. 11.4% exp.), up from 11% the previous month.
  • The NBP will release its statement at 4.30pm CET.
  • Glapinski will hold a press conference tomorrow at 3pm CET.
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  • The 'dovish' NBP hike today (75bps vs. 100bps expected) has led to some PLN weakness, with EURPLN approaching its ST resistance at 4.6980 (50DMA).
  • A break above that level would open the door for a move up to 4.7280.
  • Market was expected a hawk response today following the strong 'positive' surprise in inflation in April.
  • As a reminder, inflation accelerated to 12.3% in April (vs. 11.4% exp.), up from 11% the previous month.
  • The NBP will release its statement at 4.30pm CET.
  • Glapinski will hold a press conference tomorrow at 3pm CET.