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NBP FX Interventions Analysis (1/2)

POLAND
  • The surprise intervention by the NBP on Friday for the first time in 10 years with no official announcement amid thin liquidity took markets off guard and is slightly perplexing.
  • Although NBP has highlighted pressure on growth due to a lack of visible adjustment weaker, industrial output data has shown the manufacturing sector is doing quite well due to robust external demand.
  • This makes it hard to justify intervention to assist exporters, with internal consumption being the more pressing issue - which may end up being exacerbated through more intervention.
  • Comes amid concerns over a third wave of infections expected to peak in Jan/Feb, so they may be trying to do everything possible to help exporters in whatever way they can
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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