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Zloty Gets Some Reprieve From Verbal Interventions, EU Likely To Extend Ukraine Grain Embargo

POLAND
  • The zloty got some reprieve yesterday as Polish officials deployed low-key verbal interventions, signalling that the government has tools to address currency weakness and describing the 4.40-4.60 EUR/PLN range as "optimal". The central bank remained silent, however, even as hawkish MPC dissenter Przemyslaw Litwiniuk said that it should also verbally counter zloty depreciation. Commerzbank wrote that "such hawkish interventions are unlikely to have much lasting impact" as it is doubtful that "market participants will view the 4.40-4.60 range as fundamental just because government officials have stated so." On the other hand, they note that the zloty could still recover naturally and remind about the market's "tendency to overlook the ultra-dovish tendencies of the NBP" through the past year.
  • EU Agriculture Commissioner Janusz Wojciechowski told public radio that "there will probably be a second extension [of the embargo on Ukrainian grain imports], everything points in that direction. The arguments are too strong to ignore." Separately, Poland's Agriculture Minister Robert Telus said that if Ukraine wanted to take Poland to the WTO, it would have to bring a case against the entire EU.
  • The local data docket is empty today. The focus turns to the ECB rate decision (13:15BST/14:15CEST).
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