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EUR/PLN Inches to Session Highs, Partially Reversing Friday Losses

PLN
  • The cross continues to inch higher, chewing further through the Friday losses. 4.6129 marks the first upside level on an intraday basis, with last week's highs at 4.6398 a little further out. A more meaningful recovery would open key resistance at 4.7279, the Apr 26 high.
  • Newsflow has generally worked against the PLN so far Monday, with focus on the government's recovery fund and infrastructure investment plans, which DGP Daily flagged this weekend is subject to delays and implementation issues. Elsewhere, firmer regional German CPI data has contributed to strength in the EUR.
  • Despite Monday's gains, the medium-term trend remains lower, with today's low of 4.5599 last seen on April 6th. A clear break of the 4.60 handle and a continuation lower would clear the way for a move towards support at 4.5588, Apr 6 low. This is a key short-term support and a break would allow for a deeper retracement.
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