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PLN: Zloty Barely Changed Ahead Of Current Account Data

PLN
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EUR/PLN changes hands at 4.2932, marginally higher on the day, with market participants looking for fresh catalysts. A move through 4.30 and Aug 9 high of 4.3309 is needed to signal that bullish momentum is picking up. Bears look for a sell-off towards the key 4.25 area.

  • Millennium Bank write that they expect a continuation of recent technical-driven moves, with EUR/PLN set to try and stay below 4.30. Pekao do not see near-term impulses that could knock the zloty out of its recent range, but they believe that the probability of a depreciation over the next few weeks is higher than that of appreciation. They note that the markets remain sensitive to geopolitical developments, such as the war in the Middle East and the US election.
  • The NBP will release trade balance and current account balance for the month of August at 13:00BST/14:00CEST. The focus will then turn to final CPI data, due tomorrow morning, after the flash reading showed that headline inflation accelerated to +4.9% Y/Y in September.
  • POLGB yields hold a tad higher across the curve (last by 0.7-1.7bp). The WIG20 Index has inched lower.
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EUR/PLN changes hands at 4.2932, marginally higher on the day, with market participants looking for fresh catalysts. A move through 4.30 and Aug 9 high of 4.3309 is needed to signal that bullish momentum is picking up. Bears look for a sell-off towards the key 4.25 area.

  • Millennium Bank write that they expect a continuation of recent technical-driven moves, with EUR/PLN set to try and stay below 4.30. Pekao do not see near-term impulses that could knock the zloty out of its recent range, but they believe that the probability of a depreciation over the next few weeks is higher than that of appreciation. They note that the markets remain sensitive to geopolitical developments, such as the war in the Middle East and the US election.
  • The NBP will release trade balance and current account balance for the month of August at 13:00BST/14:00CEST. The focus will then turn to final CPI data, due tomorrow morning, after the flash reading showed that headline inflation accelerated to +4.9% Y/Y in September.
  • POLGB yields hold a tad higher across the curve (last by 0.7-1.7bp). The WIG20 Index has inched lower.