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Zloty Stays Close To Neutral Levels, NBP Speak Dominates

PLN

EUR/PLN is virtually unchanged on the day, last trading at 4.4428. The pair remains in a sideways trend, with bears looking for an attack on Jul 4 low of 4.4138. Bulls see the 50-EMA/round figure at 4.4850/4.5000 as their initial targets.

  • The latest round of signals coming from the NBP has been dovish. MPC's Maslowska said that the panel could cut rates in Sep/Oct if incoming data justify such a move. Her hawkish-leaning colleagues Tyrowicz and Kotecki gave an explosive interview in which they warned that the MPC could err by easing policy prematurely this autumn and accused the Council of holding "no substantive discussion" about macroeconomic developments.
  • Deputy Finance Minister Artur Sobon said the the government will consider extending a VAT exemption applied to food items, which is set to expires at the end of the year.
  • POLGB yields have eased further across the curve alongside local FRAs. The WIG20 Index has added 0.75% to print new cyclical highs.
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