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NBP Will Not End Monetary Tightening Soon (Kotecki)

POLAND
  • NBP Kotecki mentioned in a recent interview that NBP will not end monetary tightening soon.
  • This follows Wnorowski's comments that he sees room for at least 2 hikes of 50bp/75bps magnitude.
  • EURPLN has been retracing sharply higher in recent days after finding support at its 200DMA on Tuesday; ST resistance to watch on the topside stands at 4.7450. On the downside, support to watch stands at 4.6530 (100DMA), followed by 4.6270 (200DMA).
  • The PLN weakness has been weighing on Polish risky assets, with the WIG20 Index approaching its key support at 1,652 (May 12 low). A break below that level would bring us to November 2020 lows. Next key support to watch on the downside stands at 1,600.
  • *POLAND JUNE CONSUMER CONFIDENCE FALLS TO -43.8 (BBG)

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