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Zloty On Back Foot In Lead-Up To NBP Decision

PLN

EUR/PLN shot higher this morning, possibly in reaction to the release of a suite of weaker than expected PMI data from across the Eurozone. Local headline flow has been subdued ahead of tomorrow's announcement of the NBP's monetary policy decision and the subsequent press conference slated for Friday.

  • The pair sold off to its worst levels since September 2020 yesterday but the move was mostly retraced after hours, setting the stage for further gains this morning. There was little in the way of domestic catalysts to drive either swing.
  • When this is being typed, EUR/PLN trades at 4.4519, up 180 pips on the session. The 50-EMA provides a key near-term layer of resistance at 4.5001. Conversely, bears look for losses past yesterday's low of 4.4138 and towards the 4.40 figure.
  • The NBP will announce its monetary policy decision tomorrow, there is no fixed timing for the release of the rate decision or the statement. Governor Adam Glapinski will hold his press conference at 14:00BST/15:00CEST on Friday.
  • POLGBs are slightly weaker, last trade 1.9-2.7bp cheaper across the curve. The WIG20 Index has shed around 0.9% so far.
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