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Zloty Treads Water, NBP Governor To Face Probe

PLN

EUR/PLN trades flat at 4.3077, with familiar technical levels still in play. A break above Feb 7 high of 4.3564 could generate some bullish momentum, while bears look for a dip towards Mar 11 low of 4.2749.

  • On Friday, Statistics Poland will release flash CPI data for March, which is expected to show a return to the NBP's +2.5% Y/Y target or a slight undershoot (BBG consensus: +2.3%). However, headline inflation will probably accelerate again later in the year, which will keep the central bank on its toes.
  • The ruling coalition will table a motion to bring NBP Governor Adam Glapinski to the Tribunal of State. The first phase of the process will be an investigation by a parliamentary committee to determine whether there are grounds for launching a case before the Tribunal.
  • POLGBs have firmed across the curve, with yields last seen 3.3-3.8bp lower. The WIG20 Index rests upon support from its 50-DMA, coming under some light pressure this morning.
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