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UK: Week Ahead

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NBP Should Hike By At Least 100Bps in July (Kotecki)

POLAND
  • NBP member Kotecki mentioned in an interview that the NBP should hike its policy rate by at least 100bps at its next meeting on July 7 to avoid PLN depreciation.
  • Kotecki added that the NBP ‘cannot combat a 14%/16% inflation with interest rates at 6%’.
  • We have seen that EM central banks have been responding more aggressively to the ‘hawkish’ Fed repricing, particularly in the CEE region where the exchange rates have been very sensitive to the geopolitical uncertainty.
  • Next important data to watch will be CPI inflation on July 1, expected to accelerate to 15.5% in June (preliminary).
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