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Zloty Sits Near Unchanged Levels, POLGB Curve Bear Flattens


EUR/PLN has oscillated around neutral levels and last trades flat at PLN4.7069. On the topside, technical focus falls on Jan 19 high of PLN4.7453 and a break here would expose Nov 16 high of PLN4.7848. On the flip side, losses past Jan 4 low of PLN4.6573 would bring Dec 26/Jun 21 lows of PLN4.6270/62 into play.

  • POLGBs have trimmed earlier losses and last trade 1.9-4.3bp cheaper, with the yield curve running slightly flatter. The yield on benchmark 10-year bonds has advanced to a new one-week high. Poland/Germany 10-year yield spread has widened at the margin.
  • The NBP will publish M3 money supply data for December later today, with consensus looking for growth to have quickened to +5.9% Y/Y from +5.6%.

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