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Zloty Loses Ground, Comments From NBP Hawks Cause Little Reaction

PLN

EUR/PLN has edged higher and now changes hands +82 pips at PLN4.6854, with bulls taking aim at Mar 20 high of PLN4.7215, followed by the 50% retracement of the Feb 14 - Mar 1 bear leg at PLN4.7304. On the flip side, bears eye Mar 1 low of PLN4.6620 for initial support and a break here would expose Jan 4 low of PLN4.6573.

  • POLGBs have unwound their initial gains and are back to virtually unchanged levels across the curve. Local equity benchmark WIG20 has added ~0.7% so far but is yet to test yesterday's best levels.
  • NBP's Tyrowicz and Kotecki maintained the hawkish tone of their comments, pushing back against any premature rate-cut talk. The next monetary policy decision is due in one week's time and we will probably see the dovish majority led by Governor Glapinski vote in favour of keeping interest rates steady.
  • Looking ahead, the only local date release of note during the remainder of this week is flash CPI for March, which will hit the wires on Friday.
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