A cut in Polish interest rates is largely priced in, Commerzbank says, ahead of Wednesday's Polish monetary policy decision. Therefore the bank does not expect a significant market move if the central bank does cut interest rates 25bps, which is the consensus view. Commerzbank adds that market participants are likely to rather focus on possible hints on the timing and extent of further monetary easing. "Should the NBP sound particularly dovish, and thus signal that another rate step would follow in the forthcoming period, we expect PLN to come under pressure," says Commerzbank, adding that EUR/PLN could head back towards the 4.14/15 resistance area. The cross is currently at 4.1163.
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