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EUR/PLN Narrows in on Cluster Support as VdL Signals Funding Support

POLAND
  • EU's Von der Leyen tweets to signal her support for unlocking EU funding for Poland, writing: "We are impressed by Poland’s efforts to restore the Rule of Law as the backbone of its society. These efforts are decisive. Next week the @EU_Commission will table decisions on EU funds freeing up to €137 billion for Poland"
  • EUR/PLN slips to new lows on the back of those VdL comments, and as Bloomberg flash the €137b figure as a red head. Fresh weakness puts the cross at 4.3138 and within range of yesterday's 4.3108 lows - slippage through here would put cross at cluster support around the 4.3069 level and YTD lows.
  • Tusk had been flagging his efforts to free up ~€60bln in frozen funds, so it may be the case that this €137bln touted by VdL is catching markets offside, but this figure represents both the post-COVID recovery funds as well as the cohesion policy funds - so that number shouldn't come as a surprise to markets, and was touted in local press this morning.
EM BulletHomepagemarkets-real-timeBulletEmerging Market NewsEuropean Central Bank (ECB) Market News

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