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Zloty Firms Ahead Of NBP Presser

PLN

EUR/PLN has shed 40 pips to last trade at 4.4403, with NBP matters at the forefront. Technically, a dip through Oct 17/Jul 31 lows of 4.4096/3.3986 would support the bearish case. Conversely, a clearance of Oct 25 high of 4.4898 would allow bulls to set their sights on the 50-EMA at 4.5010.

  • POLGB curve has bear flattened, with yields last seen 4.2-8.2bp higher. The WIG20 Index operates ~0.3% lower on the day.
  • Newsweek reports that leaders of the three pro-EU parties will sign off on a draft coalition agreement on Friday, before the deal is ratified by the governing bodies of the respective parties during the weekend. The newspaper suggests that the distribution of senior parliamentary positions may be agreed on Sunday.
  • The focus is on a press conference with NBP Governor Adam Glapinski scheduled for 14:00GMT/15:00CET, following the central bank's decision to keep interest rates on hold. The pause put a bid into the zloty, with the market anticipating another 25bp cut.
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