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5 Jun 2013
NBP cut 25bp – TD Securities
FXstreet.com (London) - Research teams at TD Securities said that The NBP decided today to reduce the reference rate by 25bp to 2.75%, in line with their view.
They explained that the decision was fully expected by the markets and nearly unanimous consensus, and drove little reaction from the currency, with EUR/PLN trading around 4.2490 before and shortly after the announcement. The policy statement will be published during the press conference at 3pm London time.
TD team are wary that the correction in EM rates and FX over the past weeks may affect the scope for further easing, and it will be crucial to hear the NBP’s view on it. Accordingly, they could see PLN stronger, or broadly unchanged.
They explained that the decision was fully expected by the markets and nearly unanimous consensus, and drove little reaction from the currency, with EUR/PLN trading around 4.2490 before and shortly after the announcement. The policy statement will be published during the press conference at 3pm London time.
TD team are wary that the correction in EM rates and FX over the past weeks may affect the scope for further easing, and it will be crucial to hear the NBP’s view on it. Accordingly, they could see PLN stronger, or broadly unchanged.