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Zloty Edges Higher While Clinging To Familiar Range

PLN

EUR/PLN last deals -21 pips at PLN4.7068, holding a familiar range so far. Should the rate descend past Jan 4 low of PLN4.6573, bears would set their sights on Dec 26/Jun 21 lows of PLN4.6270/62. On the flip side, bulls look for a jump above Dec 6 high of PLN4.7220 & Jan 19 high of PLN4.7453 would open up scope for gains towards PLN4.7500 and beyond.

  • POLGBs are firmer across the curve (albeit they have moved away from best levels) and last trade 1.2-3.7bp richer. Benchmark 10-year yield operates in the vicinity of the 6% mark after struggling to consolidate below that level in the recent weeks.
  • WIG20 trades ~0.5% lower on the day, with Hungary's BUX also posting losses, even as Czechia's PX has advanced. Poland's main stock index has been in consolidation phase since lodging new multi-month highs on Jan 11.
  • Poland's S&P Global M'fing PMI rose to 47.5 in January. While the outturn for January beat expectations (46.4) and was best since May 2022, it represented the ninth consecutive contraction in the sector.
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