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Zloty Moves Away From Session Highs After Release Of Data

PLN

EUR/PLN bounced off session lows (PLN4.5188) on the release of Polish macroeconomic data for April, which drew attention to some weak spots in the local economy. The pair last deals -109 pips at PLN4.5263, with bears looking for losses towards May 17 low of PLN4.4784. On the flip side, bulls eye the 20-EMA at PLN4.5544 for initial resistance.

  • The latest batch of Polish data showed that factory-gate inflation slowed to +6.8% Y/Y (versus +7.3% expected) and industrial output contracted by 6.4% Y/Y (versus -4.3% expected). Wage growth was +12.1% Y/Y, in line with the consensus call. On the other hand, employment growth was +0.4% Y/Y, slightly better than forecast.
  • POLGBs trade on a slightly firmer footing this morning, last 1.3-2.2bp lower across the curve. The WIG20 Index continues to push higher, refreshing its cyclical highs today thanks to a foray above the 2,000 level.
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