Zloty On Softer Footing, November CPI Revised Tad Higher

EUR/PLN spiked to a session high of PLN4.6948 on the release of final November inflation data released out of Poland, but has now eased off these levels and trades +49 pips at PLN4.6859. Topside focus falls on Dec 6 high of PLN4.7220, while bears keep an eye on Nov 30 low of PLN4.6595.

• Poland's CPI for November was revised higher to +17.5% from the flash reading of +17.4%. Local sell-side analysts suggest that core CPI may have accelerated to +11.4% Y/Y rather than +11.0% estimated on the basis of preliminary data. The official core CPI prints will be out tomorrow.
• Local-currency gov't bonds have turned bid, with yields last 3.7-6.7bp lower across the curve. Benchmark 10-year yield sits at 6.38%, hovering just above recent cyclical lows. The spread on 2-/10-year yields is stable around familiar levels in inversion territory.
• Poland's ruling party is determined to pass court legislation needed to unblock EU funds despite resistance from its junior coalition partner. President Andrzej Duda is making an address on the matter at typing.