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Zloty Holds Tight Range, Polish FRA Contracts Slip

PLN

EUR/PLN oscillated within a fairly narrow range through NBP Governor Glapinski's press conference, edging into positive territory as the official played down hawkish concerns that core inflation could stabilise at elevated levels.

  • The pair last deals at PLN4.6829, up 10 pips on the day, holding yesterday's range. Familiar technical levels remain in play.
  • POLGBs have advanced across the curve and last trade 0.5-2.2bp cheaper, outperforming their CE3 peers.
  • Polish FRA contracts have adjusted slightly lower as Glapinski spoke, easing to new monthly lows.
  • Tomorrow the focus turns to the NBP's inflation report (09:00GMT) and minutes of the previous monetary policy meeting (13:00GMT).

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