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Zloty Recovers After EURPLN, PLNHUF Test Key Technical Levels

PLN
The Polish zloty has recovered from its earlier lows, placing the currency among the top performers in the EMEA region as CE3 FX overall exhibits resilience to greenback strength and weakness across the major equity indices at the start of the year. The most recent blip in the USD index following the US data has seen EURPLN re-approach its intraday lows, though yesterday's lows remain some way off.
  • EURPLN had traded to as high as 4.3749 earlier in the session – piercing the 50-DMA for the first time since October while falling just shy of the 50-day EMA at 4.3756. A break of that average is needed to signal a reversal of the bearish theme that has dominated since fresh cycle lows were recorded in mid-December.
  • Meanwhile, PLNHUF recorded a low 87.10 – just 1pip below the 50-DMA – before paring its losses and returning to flat. The cross has not closed below that average since October.
  • Looking ahead, CPI data for December is the key release of the week on Friday. As per the median estimate of analysts surveyed by Bloomberg, the headline figure is seen moderating from +6.6% y/y in November to +6.5%. The data precedes the NBP meeting next week, where rates are expected to be held at 5.75%.
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