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Zloty Trades Sideways, NBP's Wnorowski Refuses To Rule Out Cuts This Year

PLN

EUR/PLN trades flat at 4.2804 as bears look to force a break below 4.2749, which limited losses on Mar 11. This would pave the way to Feb 14, 2020 low of 4.2371. On the flip side, bulls set their sights on the 50-EMA, which intersects at 4.3148.

  • POLGB yields have moved higher (+3.9bp-6.2bp), curve has flattened at the start to the week. The WIG20 Index printed new cyclical highs at 2,508 and continues to operate at elevated levels.
  • MPC's Henryk Wnorowski told Biznes24 that he cannot rule out rate cuts later this year. This comes after Governor Adam Glapinski said that lowering rates is not currently being discussed by the MPC.
  • The Ministry of Family, Labour and Social Policy said that the unemployment rate likely ticked lower to 5.3% in March from 5.4% prior. Official data will be published by Statistics Poland on April 24.
  • Weekend headline flow was dominated by the news about Poland's regional and local elections, which we discussed in an earlier bullet.
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