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PLN: Zloty Advances Further, NBP's Kightley Defends Rate Stability

PLN
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EUR/PLN has extended yesterday's sell-off and last deals -79 pips at 4.2772. The pair has stuck to the 4.2750-4.3050 corridor over the past week and keeps looking for catalysts that could result in a breach of one of the extremes of that range. The key area of support has been defined around the 4.25 mark, while bulls set their sights on 4.3321, the high print of Jul 2.

  • NBP Deputy Governor Marta Kightley (not an MPC member) told lawmakers that the MPC keeps interest rates unchanged due to the risk of an increase in inflation expectations in the aftermath of energy price hikes, against the backdrop of a record-breaking pace of wage growth and ongoing broader economic recovery. She described this strategy as "justified and necessary," aimed at stabilising inflation at low levels.
  • POLGBs are on the back foot, with yields last seen 0.6-2.2bp higher across the curve. The Finance Ministry slightly tweaked the plan for a bond auction this Monday and is looking to sell PLN5-8bn of OK0426, PS0729, WZ1129, DS1030, DS1034, IZ0836 and WS0437, compared to PLN4-8bn mentioned in the monthly issuance schedule.
  • The WIG20 Index has added 0.3% after rejecting support around 2,384, a level which limited losses on Apr 16 and Jun 14.
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EUR/PLN has extended yesterday's sell-off and last deals -79 pips at 4.2772. The pair has stuck to the 4.2750-4.3050 corridor over the past week and keeps looking for catalysts that could result in a breach of one of the extremes of that range. The key area of support has been defined around the 4.25 mark, while bulls set their sights on 4.3321, the high print of Jul 2.

  • NBP Deputy Governor Marta Kightley (not an MPC member) told lawmakers that the MPC keeps interest rates unchanged due to the risk of an increase in inflation expectations in the aftermath of energy price hikes, against the backdrop of a record-breaking pace of wage growth and ongoing broader economic recovery. She described this strategy as "justified and necessary," aimed at stabilising inflation at low levels.
  • POLGBs are on the back foot, with yields last seen 0.6-2.2bp higher across the curve. The Finance Ministry slightly tweaked the plan for a bond auction this Monday and is looking to sell PLN5-8bn of OK0426, PS0729, WZ1129, DS1030, DS1034, IZ0836 and WS0437, compared to PLN4-8bn mentioned in the monthly issuance schedule.
  • The WIG20 Index has added 0.3% after rejecting support around 2,384, a level which limited losses on Apr 16 and Jun 14.