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Zloty Resumes Gains, NBP's Wnorowski Sees Case For Rates Staying Higher For Longer

PLN

The zloty sits atop the EMEA pile at the start to the new week, possibly aided by comments from NBP's Henryk Wnorowski, who signalled possible support for a "higher-for-longer" rate strategy. His comments provide further evidence of a post-election hawkish pivot of Poland's central bank, with Wnorowski suggesting that if the next macroeconomic projection confirm the current inflation forecasts, there will be little room for rate cuts anytime soon.

  • Elsewhere, President Duda will appoint Prime Minister Morawiecki's Cabinet this afternoon. Law and Justice party's officials suggested that the Cabinet will have a more expert/technical character. Morawiecki will need to ask for a vote of confidence in parliament within two weeks and his proposed Cabinet is widely expected to be voted down, which will open the door to the formation of a pro-EU government.
  • When this is being typed, EUR/PLN deals at 4.3574, down 127 pips on the day. Our technical analyst flags Mar 12, 2020 low of 4.3237 as the next support level of note. Bulls keep an eye on the 20-EMA, which kicks in at 4.4048.
  • POLGB curve has bull steepened at the margin, with yields last seen 0.8-3.8bp lower. The WIG20 Index trades 0.7% lower on the session.
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