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NBP To Remain On Hold Wednesday Despite Rising Inflation

POLAND
  • This morning, economic data showed that April preliminary CPI came in higher than expected at 4.3% (vs. 3.9%), its highest level since March 2020.
  • However, NBP is expected to to remain on hold (0.1%) on May 5 to maintain financial conditions as loose as possible as policymakers are confident that the rise in inflation is only 'temporary'.
  • Implied vol. on USDPLN remains low ahead of the meeting; the pair is currently testing its 3.77 support line, which is its 100D and 200D SMA (and 61.8% Fibo of the 3.62-3.98 range at 3.76). A break below that level would open the door for a move down to 3.70.

Source: Bloomberg/MNI

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