NBP Governor Adam Glapinski's recent press conference was seen as more dovish than expected, leading to a decline in the Polish Zloty. Market participants had anticipated a clearer indication of a potential rate hike, but the tone suggested a more cautious approach.
According to FX Street, Tatha Ghose of Commerzbank described the conference as a “net dovish surprise” compared to earlier expectations for a stronger tightening signal from the National Bank of Poland (NBP).
This development adds to the broader FX market dynamics, where Japanese investors closely monitor shifts in central bank policies across emerging Europe to adjust their currency exposure and risk strategies accordingly.