October 17, 2024 08:10 GMT
PLN: Zloty Loses Ground Amid Defensive Mood
PLN
EUR/PLN advances as the zloty underperforms all EMEA peers save for the South African rand. The pair last deals at 4.3119, up 134 pips on the session. Bulls take aim at Aug 9 high of 4.3309, while bears look for losses towards the 50-EMA (4.2899), followed by the key 4.25 area.
- Finance Minister Andrzej Domanski said that the odds of a revision of this year's budget have significantly increased, due to the costs of repairing flood damage and the need to secure funding for local governments.
- NBP Deputy Governor Kightley said that inflation is expected to peak in 1Q2025, start falling from 2H2025 and reach the tolerance band around the target in late 2025 or early 2026.
- POLGB curve has bear steepened, with yields last seen 6.3-11.1bp higher. The spread between 10-year POLGBs/10-year Bunds has widened to 344bp, reaching levels last seen in mid-2023.
- The WIG20 Index is little changed/a tad softer at typing.
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