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Zloty Loses Ground, Shows Muted Reaction To Data

PLN

EUR/PLN has advanced amid broader greenback outperformance, which has sapped strength from EM FX space. The rate last trades at 4.3575, up 152 pips on the session, with bulls looking for gains past the 20-EMA at 4.3874. On the flip side, bears look for a dip through Nov 29 low of 4.3171 and Mar 4, 2020 low of 4.2870.

  • Poland's inflation edged lower to +6.5% Y/Y from +6.6% (versus +6.6% expected), with a jump in fuel prices providing the main pro-inflationary factor. Local sell-side desks pointed to a significant drop in core inflation, which may have eased to +7.3%-7.4% Y/Y from +8.0% (official core CPI readings will be published on December 18). NBP's Henryk Wnorowski noted that the data should not change the central bank's cautious approach.
  • Separately, final Q3 GDP prints were revised slightly higher to +0.5% Y/Y and +1.5% Q/Q. NBP's Ludwik Kotecki said that GDP growth for full 2023 may average at +0.1%-0.3% Y/Y.
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