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PLN: Zloty Firms After Holiday, MPC's Kotecki Says Inflation Is Under Control

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN continues to flirt with the psychologically significant 4.25 figure after another failure to close below there yesterday. Activity can be expected to pick up as local traders return from a long weekend and local financial markets reopen. The pair last deals at 4.2505, down 43 pips on the session, with the zloty edging ahead of its CE3 peers while the greenback shows some broad-based weakness. From a technical standpoint, consolidation below 4.25 would support the bearish case, clearing the way to a resumption of losses. Bulls look for a rebound above the 20-EMA (4.2712) and 50-EMA (4.2853).

  • POLGB curve has bear steepened at the margin, with yields last seen 0.7-3.9bp above neutral levels. The WIG20 Index gains for the third consecutive day, adding 1.3% thus far.
  • MPC's Kotecki said that inflation will peak at +5% Y/Y next month and decline afterwards, falling more visibly from July. Kotecki reaffirmed his openness to start debating rate cuts from March.
  • The NBP will provide an update on official reserves as of December at 13:00GMT/14:00CET. Otherwise, the local data docket is empty through the remainder of this week.
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EUR/PLN continues to flirt with the psychologically significant 4.25 figure after another failure to close below there yesterday. Activity can be expected to pick up as local traders return from a long weekend and local financial markets reopen. The pair last deals at 4.2505, down 43 pips on the session, with the zloty edging ahead of its CE3 peers while the greenback shows some broad-based weakness. From a technical standpoint, consolidation below 4.25 would support the bearish case, clearing the way to a resumption of losses. Bulls look for a rebound above the 20-EMA (4.2712) and 50-EMA (4.2853).

  • POLGB curve has bear steepened at the margin, with yields last seen 0.7-3.9bp above neutral levels. The WIG20 Index gains for the third consecutive day, adding 1.3% thus far.
  • MPC's Kotecki said that inflation will peak at +5% Y/Y next month and decline afterwards, falling more visibly from July. Kotecki reaffirmed his openness to start debating rate cuts from March.
  • The NBP will provide an update on official reserves as of December at 13:00GMT/14:00CET. Otherwise, the local data docket is empty through the remainder of this week.