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Zloty Garners Some Strength

PLN

The zloty starts the new week on the front foot and is one of the best performers in EMEA FX space, with EUR/PLN testing support from its 20-EMA. The rate last deals -104 pips at 4.5928, with the 20-EMA intersecting at 4.5843. On the flip side, bulls look for a rebound towards Sep 12 high/round figure/61.8% retracement of the 2022 - 2023 downleg at 4.6971/4.7000/4.7072.

  • POLGB curve has steepened at the margin, with yields last seen -0.1bp to +1.8bp. The WIG20 Index has edged higher but remains within a well-defined range.
  • There has been little in the way of positive news on the political front, with Poland's tensions with Ukraine and Germany still simmering.
  • Moody's skipped a scheduled review of Poland's sovereign rating, effectively keeping it at A2 with a stable outlook. Next reviews are slated for November 10 (Fitch) and December 1 (S&P), both after the upcoming parliamentary election.
  • Poland's unemployment rate remained at 5.0% in August, in line with expectations.
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