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Zloty Comes Under Pressure As Glapinski Suggests There's No Need For Its Appreciation


EUR/PLN posted a leg higher as NBP Governor Glapinski noted that the Polish Zloty is a "strong currency" and there is no need for its further appreciation. The rate last changes hands +81 pips at PLN4.7478, with familiar technical levels in play, as yesterday's extremes remain intact.

  • Otherwise, Glapinski's comments provided little to no surprises. The official refused to formally declare an end to the tightening cycle and was non-committal re: timing of future rate cuts, noting that it is too early to begin such discussions. The main takeaway from his press conference was that the central bank still sees the current level of interest rates as optimal, as the MPC performs a difficult balancing act of fighting inflation while averting excessive social and economic costs.
  • POLGB curve runs flatter and sits lower as we type, with yields last seen 7.1-11.2bp below neutral levels as we type. Yields fluctuated as Glapinski spoke, first ticking away from lows and then easing off again, and are now stabilising just above the worst levels of the session.

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