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EURPLN Re-Tests This Morning's High, 50-Day EMA Pierced Again

PLN
  • Statistics Poland revised final December CPI to +6.2% from a flash reading of +6.1%, potentially accounting for zloty underperformance at the start of the session and resulting in EURPLN piercing above the 50-day EMA for the first time since October, signalling scope for a stronger short-term recovery. Upside focus now falls on 4.4096, the Oct 17 low, should the break above the aforementioned average be sustained.
  • EURPLN re-tested the earlier high in the 4.3765 region (but has since dipped back lower in most recent trade), with performance of the zloty falling further behind its EMEA peers on an intraday basis.
  • Indeed, the local currency has been lagging its CE3 peers since the start of the new year (YTD spot gains of the zloty versus the euro stand at -0.69% compared to +1.08% and -0.05% for the Hungarian forint and Czech koruna, respectively) as uncertainty surrounding the new government, fiscal matters and the NBP’s reaction function all weigh on sentiment.
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