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PLN: Zloty Resumes Gains, Outperforms EMEA Peers

PLN
PolandCEEMEAEM BulletBulletEmerging Market News

EUR/PLN deals at 4.1550, down 91 pips on the session, with the broader downtrend intact despite yesterday's corrective rebound. A return below 4.15 would bring the next round figure of 4.10 into play again. On the flip side, bulls look for a challenge to the 50-EMA, which kicks in at 4.2084.

  • Rapid zloty appreciation and restrictive domestic monetary policy continue to translate into profitability concerns of local entrepreneurs. Sejm Speaker Szymon Holownia (who also runs in the presidential election) joined the choir of stakeholders calling for an interest-rate reduction, pointing to the high cost of credit.
  • Further down the line, the government's decision on the future of the electricity price cap mechanism, currently set to expire at the end of Q3, will be an important input to the NBP's internal debate on monetary policy. The decision is expected to be made after the announcement of updated electricity tariffs in April.
  • POLGBs have cut initial gains but yields still sit below neutral levels across the curve.
  • The WIG Index is 0.7% worse off on the day; the WIG20 Index is down 0.9%.
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EUR/PLN deals at 4.1550, down 91 pips on the session, with the broader downtrend intact despite yesterday's corrective rebound. A return below 4.15 would bring the next round figure of 4.10 into play again. On the flip side, bulls look for a challenge to the 50-EMA, which kicks in at 4.2084.

  • Rapid zloty appreciation and restrictive domestic monetary policy continue to translate into profitability concerns of local entrepreneurs. Sejm Speaker Szymon Holownia (who also runs in the presidential election) joined the choir of stakeholders calling for an interest-rate reduction, pointing to the high cost of credit.
  • Further down the line, the government's decision on the future of the electricity price cap mechanism, currently set to expire at the end of Q3, will be an important input to the NBP's internal debate on monetary policy. The decision is expected to be made after the announcement of updated electricity tariffs in April.
  • POLGBs have cut initial gains but yields still sit below neutral levels across the curve.
  • The WIG Index is 0.7% worse off on the day; the WIG20 Index is down 0.9%.