NBP Governor signals less dovish stance, rules out near-term hikes

Poland's central bank governor softened July's dovish tone citing higher energy prices and uncertainty, but stopped short of signaling rate increases. The NBP expects rates on hold until mid-2027, contradicting market pricing for hikes. EUR/PLN traders face conflicting signals: hawkish Fed repricing dominates this week's EUR/USD moves, but Poland's rate outlook could cap PLN weakness if mid-cycle easing expectations unwind.