May 30, 2024 08:42 GMT
Zloty Extends Losses, EUR/PLN Approaches 50-EMA
PLN
Risk aversion pushed EUR/PLN higher on Wednesday, with the pair staying afloat this morning. It last changes hands +134 pips at 4.2937, with the 50-EMA providing an immediate layer of resistance at 4.2928, just ahead of the psychologically significant 4.30 figure. Bears look for renewed sales towards and beyond the 4.25 area.
- Yesterday's zloty weakness may have been amplified by the release of below-forecast flash CPI data, which applied pressure to POLGB yields and FRA contracts. Headline inflation came in at +2.5% Y/Y versus +2.8% expected.
- Poland observes a public holiday today. Liquidity may remain thin on Friday, with many participants likely to take a day off and turn it into a long weekend. There is nothing of real note on the local docket through the rest of the week.
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