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​EURPLN Close to Intraday Lows Following NBP Presser

PLN

EUR/PLN last deals close to its intraday lows in the wake of NBP Governor Glapinski’s press conference. The Governor strongly hinted that rates will remain unchanged until March when macroeconomic forecasts will be updated. Overall, EUR/PLN has operated within a narrow range today, contained well within the week’s extremes.

  • The zloty sits toward the top of the EMEA FX pile, with the local currency resilient to the most recent uptick in US yields off the earlier lows. The US inflation report tomorrow is likely the next key driver of short-term price action.
  • Previously noted EURPLN technical levels remain in play. A resumption of the downtrend was confirmed when the cross traded to a fresh trend low on Dec 13, signaling scope for an extension towards 4.2870, the Mar 4 2020 low. Resistance is found at 4.3697, the 50-day EMA.
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