Zloty Holds Steady, August Inflation Confirmed At +10.1% Y/Y

EUR/PLN remains stable today as the dust settles after last week's NBP rate decision and the subsequent verbal interventions by government officials. The rate deals at 4.6332, little changed on the day.

• Technically, a familiar picture remains in play, with Sep 12 high/round figure of 4.6971/4.7000 providing the initial layer of resistance. Bears look for a dip through 4.5951, the Sep 8 low. As a reminder, Polish officials recently called the 4.40-4.60 range "optimal".
• The detailed inflation report for August brought no major surprises. Headline inflation was confirmed at +10.1% Y/Y, in line with the flash reading. The statistics office noted that it will take measures lowering the prices of energy and prescription drugs into account while calculating September inflation.
• Poland's Agriculture Minister Telus told Money.pl that there are signals that the European Commission will extend the embargo on Ukrainian grain imports by two months. Development and Technology Minister Buda declared that otherwise Poland will unilaterally impose an indefinite embargo at midnight.