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NBP Preview: Sell-Side Sees Rates Unchanged, Rate Cut Rhetoric Aimed at Weakening PLN

POLAND

SELL-SIDE VIEW

  • GS: Rates unchanged at 0.1%, out to 2022. NBP easing through QE, FX intervention and MPC dovish rhetoric more effective than outright rate cut. Comments mentioning rate cuts were aimed at weakening PLN.
  • BofA: NBP likely on hold at 0.10%. Chance of rate cuts rises, depending on pandemic/PLN, but likely high bar for -ve rates. NBP focus/can influence PLN near term, but long-term use of FX tool questionable.
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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