PLN: Zloty Holds Narrow Range, Constitutional Court To Announce Its Verdict

EUR/PLN remains in low-volatility mode, holding just above 4.26 in search of fresh catalysts. The rate last deals at 4.2677 and bears look for a move towards the 4.25 area, with a focus on May 28/Jul 15 lows of 4.2471. On the flip side, bulls look for a rebound towards Aug 9/Jul 2 highs of 4.3309/21.

• Development Funds and Regional Policy Minister Katarzyna Pelczynska-Nalecz walked back on her earlier suggestion that a debate on raising the retirement age could be in order and said that no such steps will be taken by the current government. However, she added that there should be a discussion about extending additional incentives for people to work longer in the light of unfavourable demographic trends.
• The hearing about the constitutionality of legislation that underpins the ongoing probe into the NBP Governor has been pushed back to 10:00BST/11:00CEST. The broadcast from the Constitutional Court's chamber has resumed but the judges are yet to appear.
• POLGB yields are mixed at typing; the Finance Ministry said that it will offer PLN5-9bn worth of OK0426, DS0727, PS0729, WZ0330, DS1034, IZ0836 and WZ0437 bonds at an auction tomorrow.
• The WIG20 Index has come under pressure, shedding almost 1% so far.