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Zloty Trims Gains But Remains Slightly Firmer Than Euro After Local Data Releases

PLN
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EUR/PLN has recouped its initial losses and last deals at PLN4.6997, down just 27 pips on the day, with participants digesting local data releases and the ECB's decision to raise interest rates by 50bp.

  • Poland's core CPI inflation printed at +12.0% Y/Y in February (median est. +11.9%) versus +11.7% in January, with local analysts pointing to the strength of underlying price pressures.
  • Current account balance unexpectedly flipped into a surplus of EUR1.429bn in January from a EUR2.526bn deficit prior, beating expectations of an EUR993mn deficit.
  • POLGBs trade 1.7-6.8bp richer across the curve, with 5s outperforming. Benchmark 10-year yield has eased but struggles to breach the psychological 6% figure.
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EUR/PLN has recouped its initial losses and last deals at PLN4.6997, down just 27 pips on the day, with participants digesting local data releases and the ECB's decision to raise interest rates by 50bp.

  • Poland's core CPI inflation printed at +12.0% Y/Y in February (median est. +11.9%) versus +11.7% in January, with local analysts pointing to the strength of underlying price pressures.
  • Current account balance unexpectedly flipped into a surplus of EUR1.429bn in January from a EUR2.526bn deficit prior, beating expectations of an EUR993mn deficit.
  • POLGBs trade 1.7-6.8bp richer across the curve, with 5s outperforming. Benchmark 10-year yield has eased but struggles to breach the psychological 6% figure.