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PLN: Zloty Depreciates, WIG20 Stays Under Pressure

PLN
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EUR/PLN has inched higher in morning trade and last deals at 4.2865, up 111 pips on the session. A break above Aug 28 high of 4.3039 could generate some bullish momentum. On the downside, the focus is on 4.2614, the low print of Aug 16, followed by the 4.25 support zone.

  • POLGB yields are higher (by 1.7-4.2bp), curve runs slightly steeper at typing. The Finance Ministry will offer PLN6bn-8bn worth of OK0127, DS0727, PS0729, WZ0330, DS1034 and IZ0836 bonds at an auction tomorrow. This represents an upward revision to the size of the auction from the PLN4bn-8bn figure in the monthly supply schedule.
  • The WIG20 Index remains under pressure, falling by 1.2% today. The index approaches the 2,300 level, with initial key support seen at 2,193, which limited losses on Aug 8.
  • ING wrote this morning that the see a "significant probability that EUR/PLN returns above 4.30 at the end of the year" on the back of weaker domestic data and more dovish NBP rhetoric, which boosted expectations of larger central bank rate cuts.
  • The local economic docket is empty until the release of final August CPI data and July current account balance on Friday.
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EUR/PLN has inched higher in morning trade and last deals at 4.2865, up 111 pips on the session. A break above Aug 28 high of 4.3039 could generate some bullish momentum. On the downside, the focus is on 4.2614, the low print of Aug 16, followed by the 4.25 support zone.

  • POLGB yields are higher (by 1.7-4.2bp), curve runs slightly steeper at typing. The Finance Ministry will offer PLN6bn-8bn worth of OK0127, DS0727, PS0729, WZ0330, DS1034 and IZ0836 bonds at an auction tomorrow. This represents an upward revision to the size of the auction from the PLN4bn-8bn figure in the monthly supply schedule.
  • The WIG20 Index remains under pressure, falling by 1.2% today. The index approaches the 2,300 level, with initial key support seen at 2,193, which limited losses on Aug 8.
  • ING wrote this morning that the see a "significant probability that EUR/PLN returns above 4.30 at the end of the year" on the back of weaker domestic data and more dovish NBP rhetoric, which boosted expectations of larger central bank rate cuts.
  • The local economic docket is empty until the release of final August CPI data and July current account balance on Friday.