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Polish Unemployment Rate to Decrease to 6.1% in May

POLAND
  • Yesterday, FinMin Tadeusz Koscinski said that the Polish government sees no reason to curb spending as it seeks to stimulate the economic recovery. Even though he admitted that the inflation was relatively high, he thinks that the inflationary pressure should stat to ease in H2 as consumer spending returns to a more regular pre-Covid pattern.
  • The majority of the NBP board seems to the be favorable to keep financial conditions as loose as possible to stimulate the economic recovery, and start raising when the Covid uncertainty eases.
  • The MP divergence between Poland and Hungary / Czech could start to weigh on the PLN relative to the HUF and CZK in the medium term.
  • Unemployment rate is expected to decrease to 6.1% this morning; next important data to watch is the June preliminary CPI inflation print coming out on June 30.
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