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PLN: Zloty Ticks Lower, MPC's Kochalski Flags Need For Flexible Monetary Policy

PLN
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EUR/PLN has edged higher and last changes hands +45 pips at 4.2783, extending its general sideways trend. Bulls look for a break above Aug 28/Sep 12 highs of 4.3039/43, which would signal rising bullish momentum. Bears look for a dip through Aug 16 low of 4.2614 before targeting the 4.25 area.

  • MPC's Cezary Kochalski said that the the recently adopted Monetary Policy Guidelines for 2025 imply that the inflation target has a "medium-term nature" and there is a need for a degree of flexibility in determining the pace of inflation's return to the target. Kochalski told his audience at the Krynica Forum that monetary policy should be conducted in such a way as to maintain sustainable economic growth and the stability of the financial system. According to Kochalski, the key factor shaping the inflation path at this stage are administrative decisions on the prices of energy, while also pointing to stubborn services inflation. The Guidelines for next year have not yet been officially published but should be released in the coming days.
  • On the data front, the focus turns to the second batch of August economic activity data due Monday. This package of data will include retail sales, expected to have grown by 4.0% Y/Y.
  • POLGBs are a tad weaker across the curve, with yields last seen 1.5-2.3bp higher. The WIG20 Index sits 1.1% lower on the session, following the recent bearish crossover of its 50- and 200-DMAs.
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EUR/PLN has edged higher and last changes hands +45 pips at 4.2783, extending its general sideways trend. Bulls look for a break above Aug 28/Sep 12 highs of 4.3039/43, which would signal rising bullish momentum. Bears look for a dip through Aug 16 low of 4.2614 before targeting the 4.25 area.

  • MPC's Cezary Kochalski said that the the recently adopted Monetary Policy Guidelines for 2025 imply that the inflation target has a "medium-term nature" and there is a need for a degree of flexibility in determining the pace of inflation's return to the target. Kochalski told his audience at the Krynica Forum that monetary policy should be conducted in such a way as to maintain sustainable economic growth and the stability of the financial system. According to Kochalski, the key factor shaping the inflation path at this stage are administrative decisions on the prices of energy, while also pointing to stubborn services inflation. The Guidelines for next year have not yet been officially published but should be released in the coming days.
  • On the data front, the focus turns to the second batch of August economic activity data due Monday. This package of data will include retail sales, expected to have grown by 4.0% Y/Y.
  • POLGBs are a tad weaker across the curve, with yields last seen 1.5-2.3bp higher. The WIG20 Index sits 1.1% lower on the session, following the recent bearish crossover of its 50- and 200-DMAs.