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Zloty Firms But EUR/PLN Continues To Hover Above 4.30

PLN

The recovery in EUR/PLN stopped short of the 38.2% retracement of the Jan 17 - Mar 11 sell-off, which caped gains on several occasions in late February/early March. After failing to test that Fibo level during yesterday's upswing, the pair has slipped this morning to last trade at 4.3187, 35 pips below neutral levels. A dip through Mar 11 low of 4.2749 would signal that the underlying downtrend remains intact. Conversely, a break above Feb 7 high of 4.3564 would suggest that bulls are taking the initiative.

  • POLGBs are marginally weaker, curve runs slightly steeper at typing. The WIG20 Index has shed 0.5% but generally continues to operate in a familiar range. LPP shares trade 1.8% lower on the day as market participants assess their recent slump driven by a well-documented Hindenburg report.
  • Polish monthly economic activity data will start trickling through from tomorrow.
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