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Zloty Firms, Yields Extend Drop

PLN

EUR/PLN trades at PLN4.6984, down 45 pips on the day, holding a familiar range so far. Bears keep an eye on trendline support drawn off Feb 16 low, which kicks in at PLN4.6811. Conversely, bullish focus falls on Nov 16 high of PLN4.7848.

  • Polish government bond yields continue falling and last trade 11.0-16.3bp lower across the curve. The yield on benchmark 10-year bond is printing new two-month lows at 6.64%, having a look below its 100-DMA.
  • Domestic headline flow will be dominated by politics, as chief executives of the ruling party meet to discuss policies, PM Morawiecki travels to Slovakia for a V4 summit, while EU Energy Ministers hold an emergency meeting to discuss oil and natural gas price caps.
  • Optimism about the odds of an agreement between Poland and the EU over the blocked recovery funds may be lending some support to the PLN and applying continued pressure to yields.
  • For the record, Poland's consumer confidence unexpectedly ticked away from the all-time high of -45.5 to -44.0 this month. The reading was insignificant for the broader trend.
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