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PLN: Zloty Pauses Gains After Rally To Multi-Year Highs

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN has paused losses after a sharp sell-off earlier this week, which resulted in a breach of the psychologically important 4.25 figure and a move to fresh five-year lows. The pair appears slightly oversold, staying below the lower Bollinger band, while the RSI operates just shy of the 30 threshold. The spot rate deals at 4.2146 and bears continue to look for losses beyond Jan 14, 2020 low/round figure of 4.2036/00. Meanwhile a return above 4.25 would bring the 50-EMA (4.2710) into play.

  • Monthly economic activity indices for December released earlier this week were dovish, on balance, but failed to constrain zloty appreciation.
  • POLGBs have firmed across the curve, yields last sit 0.4-1.3bp lower. The WIG20 Index has added 0.7% on the back of positive risk sentiment, breaching its 200-DMA.
  • The central bank will release December money supply data this afternoon (13:00GMT/14:00CET).
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EUR/PLN has paused losses after a sharp sell-off earlier this week, which resulted in a breach of the psychologically important 4.25 figure and a move to fresh five-year lows. The pair appears slightly oversold, staying below the lower Bollinger band, while the RSI operates just shy of the 30 threshold. The spot rate deals at 4.2146 and bears continue to look for losses beyond Jan 14, 2020 low/round figure of 4.2036/00. Meanwhile a return above 4.25 would bring the 50-EMA (4.2710) into play.

  • Monthly economic activity indices for December released earlier this week were dovish, on balance, but failed to constrain zloty appreciation.
  • POLGBs have firmed across the curve, yields last sit 0.4-1.3bp lower. The WIG20 Index has added 0.7% on the back of positive risk sentiment, breaching its 200-DMA.
  • The central bank will release December money supply data this afternoon (13:00GMT/14:00CET).