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Zloty Falters In Holiday Trade, Gov't To Present Fiscal Consolidation Plan In Autumn

PLN

EUR/PLN has crept higher and last changes hands +91 pips at 4.3418, underperforming both of its CE3 peers. The high print of Apr 16 provices the initial topside target at 4.3728, while bears look for a pullback towards Apr 22 low of 4.3037 and Apr 9 low of 4.2527.

  • PLN/CZK is probing the water below the ascending 100-DMA (5.7933). The rate last trades at 5.7892, with bears looking for a breach of Apr 16 low of 5.7627. PLN/HUF has fallen to new multi-week lows at 89.99, with the focus turning to the 100-DMA at 89.83.
  • The government signalled a conservative fiscal approach going forward, as its latest Multi-Year Financial Plan showed debt/GDP ratio exceeding 60% in 2026 if no consolidation measures are taken. Specific plans to reign in rising debt will be unveiled in autumn, with the government seeking to stay below that critical threshold defined in the Maastricht Treaty and the Polish constitution.

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