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Zloty Tad Higher, Unemployment Rate Slips In Line With Expectations

PLN

EUR/PLN has inched lower and last deals at PLN4.4316, down 40 pips on the day. Bearish focus falls on Jun 22 low of PLN4.4195 and a break here would open up the PLN4.4 figure. Bulls keep an eye on the 20-EMA, which intersects at PLN4.4637.

  • POLGBs are slightly firmer across the curve amid positive performance from CE3 peers and wider core FI space. The lack of major fiscal announcements during the weekend's campaign events could support local FI space.
  • MPC's Ireneusz Dabrowski told Business Insider that the Council could consider cutting interest rates in October, with inflation expected to ease to single digits in September.
  • Poland's unemployment rate edged lower to 5.1% in May from 5.2% prior, in line with expectations and a preliminary estimate from the Ministry of Family, Labour and Social Policy.
  • S&P did not release a credit rating update for Poland last Friday. Fitch affirmed the country at A- with a stable outlook, noting that Poland should start receiving EU post-Covid recovery funds after the upcoming election.
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