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PLN Hits Day's Lows as Glapinski Sees NBP Nearing End of Tightening Cycle

POLAND
  • PLN hits session lows against both the USD and EUR in recent trade, with markets interpreting comments from NBP's Glapinski as dovish.

Speech highlights so far:

  • I can't say when hikes will stop
  • We are closer to the end of the tightening cycle than the beginning
  • Approaching the end of the tightening cycle
  • Rates are not particularly high at the moment
  • Polish inflation likely to peak this summer
  • Expects CPI to stabilise and then fall
  • Rate cuts could be possible in Q4 next year

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