May 23, 2024 09:03 GMT
Data Under Scrutiny, Zloty Weakens Further
PLN
EUR/PLN is building on yesterday's gains, last dealing +40 pips at 4.2716, with bulls looking for a move through the 50-EMA/round figure of 4.2983/4.3000. On the downside, the focus falls on 4.25, a psychologically significant level, which limited losses in April and again earlier this week.
- Polish retail sales undershot expectations in April, which came after the release of below-forecast wage data yesterday. On the other hand, construction output and industrial production came in better than expected - albeit the NBP has signalled that wage pressures are the key source of concern now.
- POLGB curve has bear steepened ahead of today's debt auction. The Finance Ministry will offer PLN5bn-10bn of OK0426, DS0727, PS0729, WZ1129 and DS1034 bonds.
- The WIG20 Index is losing altitude for the third consecutive day, shedding a further 0.6% today as part of a move away from recent cycle highs.
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