Zloty Unfazed By November Core CPI, POLGB Yields Operate Just Shy Of Session Highs

The Zloty holds a tight range, respecting yesterday's extremes, after the release of Poland's core CPI figures. Both annual and monthly rates of growth in prices excluding food and energy were 0.1pp slower than expected in a Bloomberg survey, but fell broadly in line with calculations of some local sell-side desks based on yesterday's final readings of headline CPI. Although core inflation continues to trend higher, continued interest-rate stabilisation is still expected from the NBP.

• POLGB yields remain elevated, last 8.4-17.0bp higher across the curve, albeit they have managed to tick away from earlier peaks.
• WIG20 operates ~0.8% lower on the day as broader risk sentiment remains weak. Still, the index is off its worst levels of the session.
• EUR/PLN trades flat at PLN4.6908, with familiar technical levels intact. USD/PLN sits -20 pips at PLN4.4119, with bears looking for a breach of yesterday's cycle low of PLN4.3667.