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Zloty Lags Regional Peers Ahead of Key Presidential Address

PLN
The zloty is lagging the majority of its EMEA peers as higher core yields pressure EM FX. EURPLN stands 0.32% in the green at typing as markets begin gearing toward the NBP rate decision on Wednesday (our preview will be released tomorrow), though price remains some way off initial resistance at 4.4898, the Oct 25 high. A break of this level could expose 4.5083, the 50-day EMA, further out.
  • From a technical perspective, however, the cross remains vulnerable following the Sep 12 - Oct 17 sharp sell-off with short-term gains considered corrective for now. The break below the 4.5000 handle signals scope for an extension towards 4.3986, the Jul 31 low and the next major support.
  • President Andrzej Duda will deliver an address to the nation tonight to announce his decision on who will receive the mandate to form government after the new parliament convenes on November 13 (See more here).
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