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PLN: Zloty Remains On Front Foot

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN refreshed cyclical lows at 4.1729 yesterday and remains in the vicinity of these levels, last changing hands at 4.1795, around 30 pips shy of neutral levels. Our technical analyst flags that sights are on 4.1664, the 3.000 projection of the Nov 6 - 7 - 12 ‘24 price swing.  Meanwhile, bulls look for a recovery towards the 50-EMA, which kicks in at 4.2439.

  • The WIG Index has topped the 90,000 level for the first time ever by adding 0.3% today, extending its YtD gain to 13.4%. Polish stocks continue to post gains after the government unveiled ambitious investment and deregulation plans yesterday, although many commentators noted that the strategic blueprint lacked details.
    • The WIG20 Index is up by 0.2% (YtD +14.7%) after crossing above the 2,500 mark
    • The mWIG40 Index has rallied by 1.1% this morning (YtD +11.9%), with CCC leading gains after a solid earnings report.
    • The sWIG80 has added 0.6% (YtD +7.8%).
  • POLGB curve has steepened, yields last sit up to 5.7bp higher. The Finance Ministry confirmed that it would offer PLN6bn-10bn worth of OK0127, DS1029, PS0130, WZ0330, IZ0831 and DS1034 at an auction tomorrow.
  • Climate and Environment Minister Paulina Hennig-Kloska said that she would speak to the Finance Minister about a possible extension of household electricity tariff freeze, currently set to expire by end-Q3. This would change the NBP's inflation trajectory, potentially affecting the interest-rate outlook.
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EUR/PLN refreshed cyclical lows at 4.1729 yesterday and remains in the vicinity of these levels, last changing hands at 4.1795, around 30 pips shy of neutral levels. Our technical analyst flags that sights are on 4.1664, the 3.000 projection of the Nov 6 - 7 - 12 ‘24 price swing.  Meanwhile, bulls look for a recovery towards the 50-EMA, which kicks in at 4.2439.

  • The WIG Index has topped the 90,000 level for the first time ever by adding 0.3% today, extending its YtD gain to 13.4%. Polish stocks continue to post gains after the government unveiled ambitious investment and deregulation plans yesterday, although many commentators noted that the strategic blueprint lacked details.
    • The WIG20 Index is up by 0.2% (YtD +14.7%) after crossing above the 2,500 mark
    • The mWIG40 Index has rallied by 1.1% this morning (YtD +11.9%), with CCC leading gains after a solid earnings report.
    • The sWIG80 has added 0.6% (YtD +7.8%).
  • POLGB curve has steepened, yields last sit up to 5.7bp higher. The Finance Ministry confirmed that it would offer PLN6bn-10bn worth of OK0127, DS1029, PS0130, WZ0330, IZ0831 and DS1034 at an auction tomorrow.
  • Climate and Environment Minister Paulina Hennig-Kloska said that she would speak to the Finance Minister about a possible extension of household electricity tariff freeze, currently set to expire by end-Q3. This would change the NBP's inflation trajectory, potentially affecting the interest-rate outlook.