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Zloty Holds Tight Range, NBP Speak Under Scrutiny

PLN
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EUR/PLN trades at 4.2627, a touch lower on the day, holding yesterday's range. Familiar technical levels remain in play. Bears take aim at the psychologically significant 4.25 figure, which limited losses in April and May. Bulls look for a rebound towards the 50-EMA at 4.2967.

  • NBP's Dabrowski pointed to the excessive pace of wage growth, which should be around +3%-4% Y/Y in real terms to help contain cost pressures. He said that interest rates may be reduced in 2025 but it's too early to say by how much. Separately, NBP's Tyrowicz reaffirmed her view that interest rates should be raised.
  • Sejm Speaker Szymon Holownia sent the motion to put NBP Governor Glapinski on trial to the Constitutional Accountability Committee, which triggers a formal investigation to determine if there are grounds for pressing charges. The probe may take months before it finds its conclusion.
  • POLGB yields have ticked higher, while the WIG20 Index loses altitude for the fourth consecutive day. The Finance Ministry sold bonds for PLN10.3bn yesterday, attracting demand for PLN11.5bn worth of debt.
  • The local calendar is rather thin towards the end of the week. Flash CPI data for May highlight next week's docket.
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EUR/PLN trades at 4.2627, a touch lower on the day, holding yesterday's range. Familiar technical levels remain in play. Bears take aim at the psychologically significant 4.25 figure, which limited losses in April and May. Bulls look for a rebound towards the 50-EMA at 4.2967.

  • NBP's Dabrowski pointed to the excessive pace of wage growth, which should be around +3%-4% Y/Y in real terms to help contain cost pressures. He said that interest rates may be reduced in 2025 but it's too early to say by how much. Separately, NBP's Tyrowicz reaffirmed her view that interest rates should be raised.
  • Sejm Speaker Szymon Holownia sent the motion to put NBP Governor Glapinski on trial to the Constitutional Accountability Committee, which triggers a formal investigation to determine if there are grounds for pressing charges. The probe may take months before it finds its conclusion.
  • POLGB yields have ticked higher, while the WIG20 Index loses altitude for the fourth consecutive day. The Finance Ministry sold bonds for PLN10.3bn yesterday, attracting demand for PLN11.5bn worth of debt.
  • The local calendar is rather thin towards the end of the week. Flash CPI data for May highlight next week's docket.