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PLN: EURPLN Remains Close to Session Highs Post-NBH

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  • Very little reaction in EURPLN to either the rate decision itself or the release of the policy statement. The ‘hold’ was in-line with unanimous consensus, with the statement striking a familiar tone. Focus therefore shifts to Glapinski’s presser tomorrow for any further guidance given an increasing number of policymakers have coalesced around the idea of the start of rate cut discussions in March 2025.
  • For EURPLN (+0.2%), the cross continues to hover near session highs, though the latest recovery appears corrective from a technical point of view. Nevertheless, the break of the 50-day EMA signals scope for a stronger short-term recovery, with resistance to watch at 4.3043, the Sep 12 high.
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  • Very little reaction in EURPLN to either the rate decision itself or the release of the policy statement. The ‘hold’ was in-line with unanimous consensus, with the statement striking a familiar tone. Focus therefore shifts to Glapinski’s presser tomorrow for any further guidance given an increasing number of policymakers have coalesced around the idea of the start of rate cut discussions in March 2025.
  • For EURPLN (+0.2%), the cross continues to hover near session highs, though the latest recovery appears corrective from a technical point of view. Nevertheless, the break of the 50-day EMA signals scope for a stronger short-term recovery, with resistance to watch at 4.3043, the Sep 12 high.