Zloty Slips Ahead Of NBP Rate Decision

EUR/PLN holds a relatively contained range ahead of the NBP's monetary policy decision, last changing hands +31 pips at PLN4.6811. Bulls need a clearance of Mar 20 high of PLN4.7215 before targeting the 50% retracement of the Feb 14 - Mar 1 downleg at PLN4.7304. Conversely, bears target a breach of Mar 1 low of PLN4.6620.

• POLGBs have fluctuated this morning but when this is being typed the yield curve runs slightly steeper. Benchmark WIG20 equity index has shed ~0.5% this morning, with WIG Banking last seen ~1.1% lower.
• The NBP will announce the outcome of its monetary policy review later today, consensus looks for an on-hold decision. There is no fixed time for the announcement but the central bank normally gives a heads-up before making the decision public.
• Ukrainian President Volodymyr Zelensky has arrived in Warsaw and holds talks with his Polish counterpart Andrzej Duda after being awarded Poland's highest decoration. We have flagged the contents of the agenda in earlier bullets.