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Quiet NBP And Deteriorating Relations With The US Could Continue to Weigh On PLN

POLAND
  • The rise in political instability following the dismissal of 'Agreement' Leader Jaroslow Gowin on Tuesday combined with the quiet NBP, which aims to keep interest rates low while the recovery is taking place, have been weighing on PLN, which is currently trading at multi-month lows against some of the major crosses.
  • In addition, Polish lawmakers advanced a bill on Wednesday that the opposition says aims to silence a U.S.-owned news channel critical of the government, leading to a swift denunciation from the United States, one of Warsaw's most important allies (BBG). According to the National post, the media would prevent non-European owners from having controlling stakes in Polish media companies. The bill passed with 228 votes in favor and 216 against (with 10 abstentions) and must now still go to the Senate.
  • The parliament also passed another bill on Wednesday (opposed by US and Israel) that would prevent former Polish property owners, including Holocaust survivors and their heirs, from regaining property expropriated by the country's communist regime.
  • Yesterday morning, NBP Eryk Lon confirmed once again that the central bank should wait for November projections before considering rate hike.
  • Next important economic data to watch are Q2 GDP Prelim and June Current Account Balance, coming out on August 13.
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