Free Trial

Zloty Extends Losses, NBP's Kotecki Expects GDP Growth Close To Zero Through '23

PLN

Post-ECB gains for the Eurozone's shared currency lift EUR/PLN higher, albeit previous session highs remain intact. The pair now deals at PLN4.6910, up 100 pips on the day.

  • POLGB curve runs slightly steeper, with yields last -0.8bp to +3.9bp, having edged higher over the past hour or so.
  • WIG20 has declined ~2.2% amid generally weak equity sentiment across Europe. Elsewhere in CEE, Czechia's PX and Hungary's BUX have both faltered.
  • Speaking at the Congress of Financial Institutions in Warsaw, NBP hawk Ludwik Kotecki said that Poland's economic growth will nearly flatline in the entirety of 2023, while inflation will be among the highest, perhaps the highest in Europe. He noted that additional purchases of imported weapons may boost current account deficit.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.