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Zloty Aided by Reports of Positive Developments on EU Funds Front

PLN
The Polish zloty has started the week on the front foot, with EURPLN down 0.75% on the day at typing, placing the cross at a fresh multi-year low. Losses accelerated through 4.3629 – last week’s lows – as single currency strength underpinned PLN strength. Increasing bearish momentum signals scope for an extension towards 4.3237, the Mar 12 2020 low, with several support levels having been broken last week.
  • PLNCZK is up 0.88% on the day. The cross looks set to close above the 5.6200 handle for the first time since September 2021. Meanwhile, PLNHUF is 0.78% firmer on the day and within close proximity to the mid-October highs at 87.28. Beyond this, YTD highs at 88.58 will be targeted.
  • Bloomberg reported earlier this afternoon that the European Commission plans in the coming weeks to sign off on a request by Poland’s outgoing nationalist government to tap a portion of around EUR23bln in loans and EUR2.8bln in grants. According to those familiar with the matter, once EU finance ministers confirm the commission’s decision at a Dec 8 meeting, Warsaw will be able to tap as much as 20% of those funds – around EUR5.2bln.
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