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Zloty In Retreat During NBP Presser, Glapinski Reaffirms Hands-Off Approach To FX

PLN

The zloty tumbles afresh as Governor Adam Glapinski speaks during his press conference, showing no concern about the ramifications of yesterday's 75bp rate cut. EUR/PLN last trades at 4.6200, approaching key resistance from 4.6492, a trendline drawn from the Sep 30 high last year. This is located just above 4.4683 - the 50.0% retracement of the Sep 2022 - Jul bear leg.

  • The Governor said that the exchange rate is important for the NBP and helps to fight inflation. He says that the zloty's depreciation in reaction to the latest rate decision is relatively insignificant for ongoing disinflation. The official adds that the central bank does not target any PLN level and does not intervene in FX markets.
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