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EUR/PLN Returns To "Optimal" Trading Range

PLN

EUR/PLN has breached the 4.60 figure, entering the government's preferred 4.40-4.60 range for the first time since the NBP's jumbo-sized rate cut and the subsequent dovish press conference. Initial support from Sep 8 (4.5951) has also given way and the pair last deals at 4.5900, down 250 pips on the session. Bears now look for a test of the 20-EMA, which intersects at 4.5819.

  • President Andrzej Duda continued his efforts to soothe tensions between Poland and Ukraine, noting that disputes in specific areas should not cast shadow over the entirety of bilateral relations. Meanwhile, Ukraine halted its plan to ban some imports from its neighbours, flagging "constructive" signs during ongoing talks.
  • The WIG20 Index has slipped today, but the weekly INI survey showed that the share of investors expecting a bullish trend at the WSE in the next 6 months rose by 12pp to 47.1%.
  • Data released by the NBP showed that M3 money supply expanded 7.3% Y/Y in August versus +7.1% expected, slowing from July's +8.0%.
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