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PLN: Zloty Treads Water, Awaits New Catalysts

PLN
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion

EUR/PLN is little changed, last deals -13 pips at 4.2692, looking for fresh catalysts. The technical pictures remains roughly the same, with bears setting their sights on Aug 16 low of 4.2614 and bulls focusing on Aug 28/Sep 12 highs of 4.3039/43.

  • Millennium Bank wrote that EUR/PLN will likely end the month within the 4.26-4.30 range, adding that they do not see any arguments for a break out of the recent range. In their view, the zloty remains immune to external developments, while their medium-term outlook for the PLN is moderately optimistic.
  • The government will today discuss measures to mitigate the impact of recent floods which swept through the southwestern parts of the country.
  • POLGB yields are a touch higher across the curve. The Finance Ministry will sell PLN6bn-10bn worth of POLGBs at tomorrow's auction. The offer was narrowed from the PLN5bn-10bn in the preliminary monthly issuance schedule.
  • The WIG20 Index has added 1.5% this morning but remains confined to a familiar range.
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EUR/PLN is little changed, last deals -13 pips at 4.2692, looking for fresh catalysts. The technical pictures remains roughly the same, with bears setting their sights on Aug 16 low of 4.2614 and bulls focusing on Aug 28/Sep 12 highs of 4.3039/43.

  • Millennium Bank wrote that EUR/PLN will likely end the month within the 4.26-4.30 range, adding that they do not see any arguments for a break out of the recent range. In their view, the zloty remains immune to external developments, while their medium-term outlook for the PLN is moderately optimistic.
  • The government will today discuss measures to mitigate the impact of recent floods which swept through the southwestern parts of the country.
  • POLGB yields are a touch higher across the curve. The Finance Ministry will sell PLN6bn-10bn worth of POLGBs at tomorrow's auction. The offer was narrowed from the PLN5bn-10bn in the preliminary monthly issuance schedule.
  • The WIG20 Index has added 1.5% this morning but remains confined to a familiar range.