Zloty Loses Ground During NBP Presser, Becomes Worst EMEA Performer Save For Rand

EUR/PLN has advanced during the press conference of NBP Governor Adam Glapinski. The rate last deals +244 pips at PLN4.5429, bulls continue to target the 20-EMA at PLN4.5882.

• The Governor offered no curveballs during his presser, sticking with the main points of his previous messaging. The bulk of the event was devoted to rebuffing various criticisms of the central bank.
• The official said that the MPC acts on a meeting-by-meeting basis and is not discussing formally ending the rate-hike cycle. Any discussions on interest-rate actions would rather be about hikes at this point, but he hopes that cuts will be possible later this year.
• On the exchange rate, Glapinski said that the central bank does not pay much attention to it and does not target any specific levels, although if the recent PLN appreciation trend continues, this year's CPI inflation could be 1pp lower. Still, the MPC were not worried when the zloty had been weakening.