PLN: Zloty Edges Higher, In-Line CPI Fails To Move Needle

EUR/PLN trades on a slightly softer footing despite a modicum of broader greenback strength. The pair last sits at 4.3082, 22 pips lower on the session. Bears continue to look for a dip towards 4.2791, the 76.4% retracement of the May 28 - Jun 14 rally. Conversely, bulls see Jun 14 high of 4.3826 as their key near-term target.

• There has been little in the way of notable reaction to in-line flash CPI data released out of Poland, with local sell-side analysts noting that it might be the last reading within the NBP's tolerance band around the official target. The unfreezing of energy prices from July will boost prices in 2H2024.
• It is worth noting that the NBP will hold its monetary policy meeting next week. Members will have a new inflation projection at their disposal, which may prompt them (specifically Governor Adam Glapinski during his press conference) to offer more information about the outlook for rates.
• POLGB yields are a tad higher across the curve; the WIG20 Index sits 0.8% higher on the day.