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PLN: Zloty Ticks Higher After Tuesday's Rally

PLN
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EUR/PLN sold off sharply yesterday, snapping a six-day winning streak and swinging into a weekly loss. The pair operates just shy of neutral levels at typing, last at 4.3031. The high print of Sep 12 provides the initial layer of support at 4.3043. Conversely, bulls look for renewed gains past Aug 9 high of 4.3309.

  • NBP's Henryk Wnorowski said that the room for interest-rate cuts will open April 2025 once inflation is past its peak, but a discussion on monetary easing may start slightly earlier. He said that the size of the initial cut would likely be 25bp, but the central bank could potentially follow up with a 50bp. His colleague Wieslaw Janczyk said that an optimistic inflation projection in March could open the path to cutting rages, with 100bp of easing likely to be delivered next year.
  • POLGB yields are little changed, with the 3-5 section outperforming at the margin. The Finance Ministry will sell PLN6bn-10bn of OK0127, PS0729, WZ0330, DS0432, DS1034 and IZ0836 bonds at an auction today.
  • The WIG20 Index has crept higher, adding close to 1% this morning. However, investors continue to keep an eye on the performance of companies owned by Zygmunt Solorz amid turmoil around succession in his business empire.
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EUR/PLN sold off sharply yesterday, snapping a six-day winning streak and swinging into a weekly loss. The pair operates just shy of neutral levels at typing, last at 4.3031. The high print of Sep 12 provides the initial layer of support at 4.3043. Conversely, bulls look for renewed gains past Aug 9 high of 4.3309.

  • NBP's Henryk Wnorowski said that the room for interest-rate cuts will open April 2025 once inflation is past its peak, but a discussion on monetary easing may start slightly earlier. He said that the size of the initial cut would likely be 25bp, but the central bank could potentially follow up with a 50bp. His colleague Wieslaw Janczyk said that an optimistic inflation projection in March could open the path to cutting rages, with 100bp of easing likely to be delivered next year.
  • POLGB yields are little changed, with the 3-5 section outperforming at the margin. The Finance Ministry will sell PLN6bn-10bn of OK0127, PS0729, WZ0330, DS0432, DS1034 and IZ0836 bonds at an auction today.
  • The WIG20 Index has crept higher, adding close to 1% this morning. However, investors continue to keep an eye on the performance of companies owned by Zygmunt Solorz amid turmoil around succession in his business empire.