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PLN: EUR/PLN Unfazed by Rate Decision, Focus Turns to Glapinski Presser Thurs

PLN

No reaction in EURPLN to the rate decision given a hold was unanimously expected. The cross continues to trade close to flat on the session, with initial resistance marked at 4.3039, the Aug 28 high, and support at 4.2614, the Aug 16 low. Global risk sentiment remains the main driver behind PLN price action, with the more stable backdrop providing some relief to wider EM FX today. The press release will be published at 15:00BST/16:00CET on the NBP's website.

  • Greater focus will be on the press conference tomorrow given a growing number of MPC members have been flagging the potential for interest-rate cuts in 2025, with Governor Glapinski also softening his hawkish forward guidance. The Governor may provide a more formal update on the interest rate outlook tomorrow, taking stock of weaker-than-expected macroeconomic data at the start of Q3.
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