Zloty Garners Some Strength, NBP Speak Under Scrutiny

EUR/PLN has come under some light pressure as the NBP week draws to an end. The pair last deals at PLN4.6845, down 60 pips on the session. Familiar technical contours remain unchanged from our previous updates, with bears keeping an eye on Mar 1 low of PLN4.6620 & bulls looking for gains towards Feb 22 high of PLN4.7654.

• POLGBs have firmed across the curve and yields sit 2.5-4.4bp lower as we type. The WIG20 index has shed ~1.8% so far, printing its worst levels since Feb 23.
• First comments from MPC members other than Governor Glapinski are trickling through after this week's rate review. Przemyslaw Litwiniuk said that there are no grounds for discussing rate cuts based on the latest macroeconomic projections, while Henryk Wnorowski will give an interview later today.
• The NBP released its full inflation report but the key takeaways were unveiled in the central bank's monetary policy statement earlier this week.
• Poland's central bank will release the minutes of its previous monetary policy meeting this afternoon, but the document is unlikely to rock the boat.