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PLN: EUR/PLN Extends Pullback Following In-Line CPI Print

PLN
  • The zloty is outperforming its CE3 peers at the margins, 0.15% firmer against the euro at typing following the in-line CPI print for August earlier this morning (+4.3% Y/Y). The cross is now trading closer to this week’s lows, and has extended the solid pullback from Wednesday’s highs amid broader stability across the emerging markets space. Initial key support has been defined at 4.2614, the Aug 16 low. Focus turns to the NBP meeting next Wednesday.
  • From a technical perspective, the move higher Wednesday undermines a recent bearish theme for EURPLN as it resulted in a break of resistance at 4.2908, the Aug 21 high, as well as a break through the 50-day EMA. This highlights potential for a stronger short-term reversal, potentially exposing 4.3099, the Aug 13 high, ahead of 4.3309, the Aug 9 high.
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion

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