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POLAND: NBP Decision Due, But More Focus Likely on Glapinski's Thursday Presser

POLAND
  • The NBP rate decision is due today, where the bank are expected to keep rates unchanged. That being said, a growing number of members have been flagging the potential for interest-rate cuts in 2025, with Governor Glapiński softening his hawkish forward guidance. He may provide a more formal update on the interest-rate outlook during Thursday’s press conference, taking stock of weaker-than-expected macroeconomic data at the start of Q3.
  • The last three NBP decisions were released at 1338BST, 1317BST, 1434BST.
  • Our full preview including summary of sell-side views here: https://media.marketnews.com/MNINBP_Prev_Sep24_9b26b101e9.pdf
  • DGP cite Credit Agricole analysts as forecasting a recovery in export orders from next year, with infrastructure investments set to stimulate demand outside of Poland.
  • Latest polling in Onet sees the Civic Coalition gaining an advantage over the PiS, while Third Way recovered to third in IBRiS polling with 11% support among voters.
  • BIK numbers show the value of mortgage inquiries fell 25.2% in August, while the outright number of applications dropped by 32% over the same period, according to Strefa.

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