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PLN: Zloty On Back Foot, Inflation Accelerates

PLN
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion

EUR/PLN has edged higher and last deals at 4.2790, 40 pips better off. The initial bullish target is provided by Aug 28/Sep 12 highs of 4.3039/43. Conversely, bears continue to take aim at the 4.25 support zone, including Jul 15 cycle low of 4.2471.

  • Poland's headline inflation accelerated to +4.9% Y/Y in September from +4.3%, according to flash data published by the local statistics office. This was in line with expectations, as the recent partial unfreezing of energy prices and a low comparative base boosted the latest outturn. The NBP expects inflation to remain elevated into early 2025, before it starts a gradual return to the target.
  • POLGB curve has bear flattened, with yields last seen 1.8-2.8bp higher. The WIG20 Index has faltered and last sits 1.4% below neutral levels.
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EUR/PLN has edged higher and last deals at 4.2790, 40 pips better off. The initial bullish target is provided by Aug 28/Sep 12 highs of 4.3039/43. Conversely, bears continue to take aim at the 4.25 support zone, including Jul 15 cycle low of 4.2471.

  • Poland's headline inflation accelerated to +4.9% Y/Y in September from +4.3%, according to flash data published by the local statistics office. This was in line with expectations, as the recent partial unfreezing of energy prices and a low comparative base boosted the latest outturn. The NBP expects inflation to remain elevated into early 2025, before it starts a gradual return to the target.
  • POLGB curve has bear flattened, with yields last seen 1.8-2.8bp higher. The WIG20 Index has faltered and last sits 1.4% below neutral levels.