Zloty Advances, President Proposes Changes To Russian Influence Law

EUR/PLN last changes hands -105 pips at PLN4.5087 and the zloty outperforms all of its EMEA peers save for the South African rand. From a technical perspective, the rate remains in consolidation phase, with losses past the PLN4.4784/67 support area needed to reignite bearish momentum. Bulls look for a rally above May 18 high of PLN4.5547, which would suggest that they are gaining the upper hand.

• The latest downtick in EUR/PLN came as President Andrzej Duda proposed amendments that would soften legislation on a special commission to probe Russian influence in the country. His proposals would strip the commission off most of its powers and prohibit parliamentarians from joining the panel, after the initial bill sparked outcry over its apparent connection with the upcoming general election.
• The NBP will announce its monetary policy decision on Tuesday, with Governor Glapinski's press conference likely to follow the day after. The central bank is expected to keep interest rates unchanged again, but recent macroeconomic data and comments from MPC members suggest a slight dovish shift in the rate-setting panel's collective sentiment.
• POLGB curve has steepened at the margin, while local equity benchmark WIG20 gapped higher at the re-open and has added ~2.3% thus far.