Zloty Oscillates Around Unchanged Levels With All Eyes On Elections

EUR/PLN operates close to neutral levels, last dealing +20 pips at 4.5793. Bullish focus remains on Sep 12 high/round figure/61.8% retracement of the 2022 - 2023 downleg at 4.6971/4.7000/4.7072. Bears look for losses past the 50-EMA at 4.5595.

• Looking ahead, the final readings of September CPI will cross the wires on Friday. Local analysts typically use final data to come up with more precise estimates of core inflation.
• However, political risk will likely take centre stage in the coming days, with Poland set to vote in high-stakes parliamentary elections on October 15. The key event of the final stage of the the campaign is this evening's debate hosted by public TV.
• Latest comments from Polish central bankers testified to a widening rift in the MPC, with Governor Glapinski accusing hawkish dissenters of political intentions, while senatorial nominee Litwiniuk suggested that inflation will accelerate in Nov/Dec.
• POLGB yields sit a touch higher on the day, while the WIG20 Index has added around 1.5% this morning.