Zloty Trades Flat As Market Prepares For Next Week's NBP Meeting

EUR/PLN remains in a short-term sideways trend, holding a very tight range over the past two weeks or so. The rate last changes hands at 4.4748, little changed on the day. Bears look for losses towards round figure/Jul 31 low of 4.0000/3.3986. On the topside, bulls see Jul 6 high of 4.5040 as their initial target.

• Poland's Manufacturing PMI slipped to 43.1 in August from 43.5 prior, missing the median estimate of 43.9. S&P Global commented that "supply chains and prices continued to come full circle. Lead times improved and input prices fell steeply in August, a complete turnaround since the summer of 2021 when supplier delays and input price inflation reached record levels. Input prices fell more slowly than in July, partly linked to the weaker zloty, but still at the second fastest rate on record. Subsequently, output prices also fell at the second-fastest pace ever."
• POLGB yields have edged higher this morning. The Finance Ministry yesterday announced that it will sell PLN4-8bn of POLGBs at a single auction this month. It may for the first time offer WIRON-based notes.