Free Trial

Zloty Reverses Early Losses With Polish Markets Shut For Holiday

PLN

EUR/PLN has reversed its initial uptick and trades at PLN4.4847, down 25 pips on the session, with liquidity sapped by a local public holiday. The rate remains locked in a bear channel and rejected support from its floor yesterday. A breach of that floor, today intersecting at PLN4.4677, would expose Jun 7, 2021 low of PLN4.4360. Conversely, bulls look for gains above channel top (PLN4.5447), followed by the 50-EMA at PLN4.5621.

  • Initial zloty weakness may have been linked to comments from NBP hawk Ludwik Kotecki who suggested that weak GDP growth momentum could convince him to drop rate-hike bias and vote for interest-rate stability. Kotecki added that elevated inflation precludes any discussion of rate cuts at this stage.
  • Looking ahead, the NBP will publish the minutes of its May monetary policy meeting on Friday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.