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Zloty Lags Regional Peers Amid Sustained Euro Weakness

PLN
The sustained uptick in the dollar and accompanying euro weakness has weighed on the Polish zloty, with the local currency lagging its regional peers. EURPLN is trading 0.10% in the green at typing, which sees the PLN performing as one of the worst currencies in the EMEA space.
  • Domestic drivers have been limited, with the zloty showing a muted reaction to the earlier release of preliminary October CPI readings, where headline inflation came in at +6.5% Y/Y versus +6.6% expected. Global themes remain the key driver behind PLN, with focus therefore turning to the FOMC decision tomorrow.
  • In EURPLN, the Oct 17/Jul 31 lows of 4.4096/4.3986 mark the support levels to watch. Elsewhere, USDPLN briefly traded to as low as 4.1624 – its lowest level since early September. Yen weakness on the back of the BoJ decision to make no formal changes to YCC saw PLNJPY hit its highest since 2008.
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