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EURPLN Trading Close to November’s Multi-Year Lows

PLN
EURPLN is trading within relatively close proximity to its intraday low of 4.3178 – a level which placed the cross within 7pips of the Nov 29 multi-year low of 4.3171. Beyond this, bears will target the March 4, 2020 low of 4.2870. Of note, PLNCZK traded as high as 5.6488 earlier in the session – its highest level since August 2021 – though has since returned to flat.
  • Price action today places the zloty alongside the Hungarian forint and Czech koruna toward the top of the EMEA FX pile, with CE3 FX exhibiting resilience to the weakness in major equity benchmarks and, in particular, to weakness in Chinese equities after Moody’s tweaked China’s sovereign credit rating outlook to negative (A1 rating affirmed).
  • The recovery of the single currency from its intraday lows aided strength in the euro-proxies at the start of European trade, while a slight correction lower in UST yields following yesterday’s move higher may also be providing a tailwind.

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