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POLAND: NBP Keeps Interest Rates Unchanged, Focus Turns To Presser

POLAND
  • The National Bank of Poland (NBP) left the reference rate unchanged at 5.75% in a well-telegraphed, widely anticipated decision, accompanied by a statement that was almost a carbon copy of previous communique. Adjustments to the statement were minor and mostly related to recent high-frequency data, alongside an addition of a sentence acknowledging the possibility of spillover from global trade disruptions. The focus turns to the press conference with Governor Adam Glapinski, which will begin in Warsaw at 14:00GMT/15:00CET. Market participants will be on the lookout for signs of a shift in the Governor's hawkish stance, although most do not expect any major changes.
  • President Andrzej Duda said that Poles should take it to the streets if the government annuls this year's presidential election like it happened in Romania last year, when far-right Calin Georgescu won the first round. Duda told YouTube-based Kanal Zero that the European Commission interfered in the Romanian election and in Polish politics, and asked rhetorically whether elections today can "only be won by those approved by Brussels." Duda said that he would not participate in the election campaign, but his views were closest to Karol Nawrocki's, "even if we don't always see eye to eye about everything".
  • Another opinion poll (this time by Opinia24 for Radio ZET) showed that Civic Coalition's presidential candidate Rafal Trzaskowski has been widening the gap with his closest rival Law and Justice's Karol Nawrocki. The recent gains for Trzaskowski come amid a perceived tilt in his rhetoric to the right, although the implications for the run-off are less clear.
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  • The National Bank of Poland (NBP) left the reference rate unchanged at 5.75% in a well-telegraphed, widely anticipated decision, accompanied by a statement that was almost a carbon copy of previous communique. Adjustments to the statement were minor and mostly related to recent high-frequency data, alongside an addition of a sentence acknowledging the possibility of spillover from global trade disruptions. The focus turns to the press conference with Governor Adam Glapinski, which will begin in Warsaw at 14:00GMT/15:00CET. Market participants will be on the lookout for signs of a shift in the Governor's hawkish stance, although most do not expect any major changes.
  • President Andrzej Duda said that Poles should take it to the streets if the government annuls this year's presidential election like it happened in Romania last year, when far-right Calin Georgescu won the first round. Duda told YouTube-based Kanal Zero that the European Commission interfered in the Romanian election and in Polish politics, and asked rhetorically whether elections today can "only be won by those approved by Brussels." Duda said that he would not participate in the election campaign, but his views were closest to Karol Nawrocki's, "even if we don't always see eye to eye about everything".
  • Another opinion poll (this time by Opinia24 for Radio ZET) showed that Civic Coalition's presidential candidate Rafal Trzaskowski has been widening the gap with his closest rival Law and Justice's Karol Nawrocki. The recent gains for Trzaskowski come amid a perceived tilt in his rhetoric to the right, although the implications for the run-off are less clear.