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NBP Has 'Road Wide Open' To Raise Rate Up to 4%

POLAND
  • With inflation expected to miss its target by end of 2023, potential averaging over 5% that year (vs. 3.5% NBP upper tolerance band), Glapinski added during the press conference that the central bank has 'road wide open' to raise the policy rate up to 4%.
  • NBP could even raise its benchmark rate above 4% if needed.
  • The strong repricing in NBP terminal rate could continue to support PLN against major crosses in the near term.
  • PLN has also been outperforming CEE crosses (HUF , CZK).
  • CZKPLN currently testing its 50DMA support, a break below that level would open the door for a move down to 0.1820 (low of LT upward trending channel).
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