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Today's Poland MPC meeting will be a non-event as far as market participants are concerned. NBP already stated that they are at the end of their rate cutting cycle, so the main focus will be upon if and when rates are likely to increase, according to Commerzbank.
However this will be a long time coming. With subdued inflation and increasing concerns regarding emerging markets in a generic sense, NBP are under little pressure to act or even indicate a tightening in overall monetary policy. Consequently there is little impetus for PLN to appreciate in the near term, adds Commerzbank.
