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Zloty Pressured Alongside Regional Peers

PLN

EURPLN has risen to its highest level since Monday, with the uptick in the cross coinciding with similar moves in EURHUF and EURCZK. While some of the recent weakness in CE3 FX has been attributed to risk off moves across global markets, today the DXY index is trading close to flat on the day while US tsy yields are continuing to roll off cycle highs.

  • Domestically, there are no obvious catalysts driving PLN price action. Retail sales data did little to move the needle despite a stronger than expected 3.6% y/y rise in September (Est: +2.7%).
  • From a technical perspective, the break below the 4.5000 handle in EURPLN Monday signals scope for an extension towards 4.3986, the Jul 31 low and the next major support. A break would open 4.3711, the Jun 3 2020 low. Resistance is at 4.5425, the 50-day EMA.
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