Adam Glapiński

So when I think about the key component of my view for a downtrend in PLN Czech, a key driver has been monetary policy divergence between Poland and the Czech Republic, and this idea that the Czech National Bank is likely to be more hawkish than the National Bank of Poland.

Now, the upside surprise in Poland's headline CPI means that most likely Governor Glapiński is going to backtrack on his dovishness at the upcoming meeting this month.

But I don't think this headline CPI number is enough to change my view that most likely the National Bank of Poland is going to be holding rates for the foreseeable future.

And the other thing to, to keep in mind is also that Poland's rates curve, the market is still pricing hikes.