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Zloty Outperforms Regional Peers, Koruna Lags

CEE FX
  • The Polish zloty is outperforming its CE3 counterparts despite little in the way of notable domestic catalysts, with EURPLN down 0.55% at typing and through support at 4.5582, where the 50-day EMA intersects today. The cross has now been trading lower for 5 consecutive sessions, shedding ~2% in the process.
  • Meanwhile, the Hungarian forint has also firmed, though EURHUF sits a more muted 0.35% in the red following the softer than expected inflation print this morning.
  • The Czech koruna, on the other hand, is the poorest performer in the EMEA region overall. Czechia's CPI also missed expectations, sending EURCZK to as high as to 24.612 before partially paring some of its gains. A resumption of gains past the Sep 12 2023/Sep 29 2022 highs of 24.659/24.700 would signal that bullish momentum remains intact. Notably, PLNCZK has reached its highest level since Aug 15.
  • Going forward, the global “higher-for-longer” theme currently dictating global markets will likely continue to be the key catalyst of CE3 FX. As a result, particular attention will be paid to the US CPI print on Thursday.
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