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NBP Sees Longer Period of Elevated Inflation

POLAND
  • Following its decision to hike its benchmark rate by 40bps to 0.5% today, the NBP mentioned in its statement that it now sees longer period of elevated inflation.
  • CEE central banks have been surprising consensus recently by hiking more aggressively to curb the inflationary pressures (i.e. Czech Republic, Romania and now Poland).
  • The NBP also reaffirmed that it may intervene on FX market if needed. Aggressive hikes could eventually lead to an acceleration in the tightening of financial conditions amid PLN appreciation.
  • On the other hand, PLN strength has also been associated with higher equities in the past cycle.
  • PLN has been appreciating sharply following the central bank's decision. EURPLN is approaching its 4.55 support (100D/200DMA), currently trading at a 3-week low.

Find below the link to full NBP statement.


https://www.nbp.pl/en/aktualnosci/2021/mpc_2021_10...

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