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Zloty Returns to Flat, Underperforms Against Regional Peers

PLN
EURPLN has returned to flat having briefly touched 4.59 at the start of the session, despite little in the way of notable domestic news flow. The cross respected support at 4.5894 – where the 20-day EMA intersects today, though the zloty nevertheless underperforms compared to its regional peers (PLNHUF: -0.66%; PLNCZK: -0.08%).
  • Technically, EURPLN remains in a bull cycle with the latest pullback deemed corrective. The cross has recently breached 4.4683, the 50.0% retracement of the Sep 2022 - Jul bear leg, strengthening the current theme and opening 4.7072, the 61.8% retracement point.
  • Similar pessimism is noted in the nation’s benchmark equity index, which sits 0.22% lower today and within close proximity of 3-month lows printed yesterday. Yields on POLGBs are down between 1-2bps across the curve, roughly in-line with that of Poland’s regional peers as well as core European yields.
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