2 Feb 2015
NBP to stay put on Wednesday – TDS
FXStreet (Edinburgh) - Strategists at TD Securities expect the National Bank of Poland to remain on hold in its next monetary policy meeting on Wednesday.
Key Quotes
“In line with the almost unanimous market consensus, we expect the National Bank of Poland (NBP) to keep its policy rate on hold at 2.0% at the MPC meeting ending this Wednesday, 4 February”.
“Recent economic data has generally confirmed a picture of continuing robust economic growth”.
“Furthermore, although there are concerns within the MPC about deepening deflation, the sharp fall in PLN against CHF in January has made the MPC wary, for the time being, of doing anything that could cause PLN to weaken”.
“However, with recent comments by some hawkish MPC members suggesting shifting positions, a cut on Wednesday cannot completely be ruled out, but we think the more likely scenario is that the NBP will not cut until March”.
Key Quotes
“In line with the almost unanimous market consensus, we expect the National Bank of Poland (NBP) to keep its policy rate on hold at 2.0% at the MPC meeting ending this Wednesday, 4 February”.
“Recent economic data has generally confirmed a picture of continuing robust economic growth”.
“Furthermore, although there are concerns within the MPC about deepening deflation, the sharp fall in PLN against CHF in January has made the MPC wary, for the time being, of doing anything that could cause PLN to weaken”.
“However, with recent comments by some hawkish MPC members suggesting shifting positions, a cut on Wednesday cannot completely be ruled out, but we think the more likely scenario is that the NBP will not cut until March”.