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Zloty Trades Flat Ahead Of NBP Decision, Looks Through Political Risk

PLN

EUR/PLN holds steady ahead of the announcement of the NBP's rate decision later today, with the central bank expected to sit on its hands. Governor Adam Glapinski's press conference scheduled for Thursday will likely be of more interest.

  • The pair last sits at 4.3469, a touch lower on the day. Bears look for losses past Feb 1 low of 4.3069 and Dec 13 low of 4.2935. On the flip side, bulls see Jan 17 high of 4.4124 as their initial target.
  • The zloty has proven resilient to political risk this morning:
    • The focus in domestic media is on a chaotic parliamentary session, with two convicted and ousted lawmakers clashing with the guards, attempting to enter the plenary hall. Their party (PiS) refuses to acknowledge that they lost their seats.
    • Elsewhere, Russia fired a barrage of missiles at Ukraine, with some initially headed towards the NATO border, which prompted Poland to scramble its fighter jets and activate air defence protocols.
  • POLGB curve runs marginally steeper, with the short end outperforming slightly. The WIG20 Index is little changed and stuck within a familiar range.
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