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Zloty Extends Gains Toward Pre-September NBP Levels

PLN

The Polish zloty is among the top performing currencies in the EMEA region, and is second to only the South African rand. EURPLN is down 0.45% at typing, continuing to eat into the significant rally following the initial surprise rate cut in September. The pair is now ~200pips off pivot support around 4.50, which closely coincides with levels seen prior to the Sep 06 decision.

  • Separately, USDPLN has pierced the 50-day EMA at 4.2555, with the pair recording a notable 4.3% pullback from the early October highs over the past six sessions.
  • Local headline flow has been limited today though EURPLN 1W implied volatility has spiked to 12.8%, as the time frame now encapsulates the parliamentary elections on Sunday.
  • Looking ahead, final September CPI readings are the highlight on the local docket on Friday, though market participants will be eyeing the US inflation print tomorrow.
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