Societe Generale analysts observe that the Nationwide Financial institution of Poland (NBP) saved its coverage charge at 3.75% and markets count on no additional modifications via 2026. Governor Glapinski’s press convention is predicted to be uneventful until he sounds very hawkish. EUR/PLN is drifting in direction of 4.22 after reversing its conflict-driven spike, whereas Polish bonds nonetheless commerce nicely above pre-conflict yields.
Regular coverage and bond lag
“In CEE [Central and Eastern European] , the NBP left its coverage charge unchanged at 3.75% and markets are pricing no change from the NBP for the remainder of 2026.”
“NBP governor Glapinski’s press convention must be a non-event until he comes throughout as extraordinarily hawkish immediately.”
“EUR/PLN is quietly drifting in direction of 4.22, totally giving up the ME [Middle East] battle pushed spike however the Polish bonds have a good distance forward for restoration with the 10y POLGB nonetheless about 65bp concerning the pre-conflict stage of 4.92%.”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor.)
