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Quiet NBP Keeps Weighing on PLN

POLAND
  • On Monday, the NBP published its new summary of economic forecast; while CPI is expected to average 4.2% in 2021, it will then fall below the 3.5% NBP upper tolerance in 2022 (3.3%) and 2023 (3.4%)
  • Yesterday, MPC member Grażyna Ancyparowicz commented on Biznes24 TV that NBP board is polarized over how to tackle inflation.
  • Forward rates have been falling in Poland following NBP Governor Glapinski 'dovish' tone on Friday, which has been weighing on PLN against major crosses.
  • Poland's top court adjourned until Thursday its hearing into whether European Union law should take priority over the country's constitution (BBG).
  • Important economic data to watch this week will be the May current account balance coming out today (1pm London time) and core CPI on June 16.

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