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Risk-off Environment Weighs on PLN

POLAND
  • This morning, PM Morawiecki said in an interview that the government will extend the anti-inflation measures if needed in order to lower CPI.
  • Morawiecki also added that he is in ‘favor of a strong zloty’.
  • The rise in risk-aversion amid new spike in tensions over the Ukraine-Russia crises has been weighing on PLN in recent days; the zloty has been the worst performing currency among the EM world, down nearly 3% against the USD since last week’s low on USDPLN.
  • Last week, Polish ruling Party lawmakers filed a bill on Judiciary System today.
  • According to the draft law judges will no longer be held accountable for their verdicts by the disputed Disciplinary Chamber of the Supreme Court (BBG).
  • Next important economic data to watch this week will be CPI inflation, coming out on February 15.
  • Sell-side firms are expecting CPI inflation to accelerate to 9.5% in January, up from 8.6% the previous month.
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