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Zloty Appreciates Despite Political Ferment

PLN

EUR/PLN continues to trade on a heavier footing, despite Fed Chair Powell's pushback against bets on early rate cuts yesterday. The pair has dipped through the 50-DMA/Jan 22 low at 4.3457/4.3447 to last change hands at 4.3219, down 78 pips on the session. Technically, the next target for bears is Dec 28 low of 4.3161, followed by Dec 13 low of 4.2935. Bulls look for a rebound towards Jan 24 high of 4.3933.

  • The zloty remains unfazed by the domestic political turmoil, with President Andrzej Duda set to address the nation at 10:30GMT/11:30CET. His speech may be related to yesterday's decision to sign the budget bill and send it to the Constitutional Tribunal for review, as well as speculation that the new ruling coalition may initiate a major revamp of the Tribunal next week.
  • POLGB yields sit a tad higher across the curve, last 0.4bp-2.4bp, with a degree of steepening evident. The WIG20 Index operates 0.6% above neutral levels.
  • Poland's S&P Global M'fing PMI disappointed, worsening to 47.1 in January versus expectations of an improvement to 48.1.
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