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Zloty Slightly Weaker, Focus Turns To NBP Next Week

PLN

EUR/PLN has crept higher today and last trades +39 pips at PLN4.7009, trimming its initial upswing to PLN4.7089. Bulls initially look for a rally towards Feb 22 high of PLN4.7654. Conversely, bears see Dec 26/Jun 21 lows of PLN4.6270/62 as key targets.

  • POLGB yields have faltered across the curve, albeit they have now moved away from worst levels of the session. The WIG20 has added ~0.9% so far amid positive risk appetite.
  • Head of state development fund PFR weighed in on the debate surrounding Poland's monetary policy outlook, noting that it is too early to speculate about rate cuts by the end of this year.
  • The NBP is expected to keep interest rates unchanged next week, but the focus will be on accompanying rhetoric and economic forecasts.
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