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Zloty Recovers In Line With Regional Trend, No Surprises In Core CPI Figures

PLN

EUR/PLN has now given away most of its earlier gains, with the likes of CZK and HUF also improving their performance. The pair last deals at PLN4.4509, up 32 pips on the session.

  • There were no surprises in official core CPI data which hit the wires at 13:00BST/14:00CEST. Annual growth in consumer prices less food & energy was +11.5% Y/Y, in line with consensus forecast. Still, several desks have flagged pro-inflationary risks waiting ahead, including fiscal measures and solid wage growth.
  • Fitch assessed that yesterday's CJEU ruling will not have much impact on the credit ratings of Polish banks in the near term, even as they are "likely to speed up their provisioning for legacy Swiss franc mortgage portfolios."
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