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Zloty Lags CE3 Peers Amid Pre-NBP Caution

PLN

The zloty falls behind its CE3 peers, with the market awaiting the closely watched NBP rate decision. The Czech koruna and Hungarian forint are the best EMEA performers, while the Polish zloty slightly underperforms the euro at typing.

  • PLN/CZK has shed 176 pips and sits at 5.2774, with bears looking for losses past Sep 20 low of 5.2288. PLN/HUF sits at 83.92, down 26 pips on the session, with the 200-DMA intersecting at 83.28.
  • EUR/PLN has unwound most of its earlier upswing and now trades at 4.6321, just a handful of pips above neutral levels. Overnight implied volatility refreshed cyclical highs at 14.63%.
  • The average time for the release of the NBP's monetary policy decision has been 14:08BST/15:08CEST this year (i.e. since the switch to two-day from one-day meetings). The statement is typically released after the announcement of the rate decision.
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