Poland MPC meeting a non-event

Today's MPC meeting of Poland is expected to pass without incident, and all monetary policy parameters are likely to be left unchanged. After the last meeting, the MPC reminded the media the easing cycle had ended, and Governor Belka emphasised that the board had explicitly "announced" the end of easing, and that it will not re-start easing at the first hint of dovish data. 

"Recent growth and inflation surprises have anyway been to the upside; the inflation surprises indeed make further rate cuts unlikely unless something changes markedly in coming months. 50bps further rate cut in late 2015 is expected, but depending on the press conference today. EUR-PLN is likely to be volatile through 2015, averaging 4.15", expects Commerzbank.