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Zloty Back To Neutral After Unemployment Data

PLN

EUR/PLN has unwound its earlier uptick after the release of local unemployment data, despite little deviation from analyst estimates. The jobless rate increased to 5.5% last month, in line with the consensus call, while quarterly ILO unemployment printed at 2.9%, missing the 3.0% median forecast by a razor-thin margin. The move in EUR/PLN was facilitated, but not perfectly synchronised with, EUR/USD sales.

  • When this is being typed, EUR/PLN trades -10 pips at PLN4.7505, with the rate still locked within yesterday's range. Bears look to force their way through Feb 8 low of PLN4.7217. On the topside, the focus is on the 61.8% retracement of the Sep 30 - Dec 26 sell-off/Feb 14 high at PLN4.7945/87.
  • POLGB curve has bear flattened, with yields running 2.9-7.5bp higher. The WIG20 index has snapped a five-day losing streak and sits ~1% higher on the session.
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