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EURPLN Pierces Above 20-Day EMA for First Time Since October

PLN
Zloty losses have accelerated in recent trade, with underperformance of the local currency now more in-line with that of the Hungarian forint. There have been no obvious domestic headlines triggering the move, though continued push back from ECB officials on market pricing for rate cuts in Q1 2024 are likely providing a headwind.
  • EURPLN is up close to 0.5% on the day and is at its highest since Dec 02. While last week’s move lower reinforced the downtrend, price has today pierced above the 20-day EMA, intersecting at 4.3459, for the first time since mid-October. A close above this average could signal a reversal of the downtrend and open the 50-day EMA further out at 4.4001.
  • The NBP will release core CPI readings for November at 13:00GMT/14:00CET. Looking ahead, the docket is tightly packed with PPI, industrial output, wages, employment and consumer confidence data all scheduled for release on Wednesday.
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