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Zloty Slightly Firmer, Extends Recovery

PLN

EUR/PLN continues to unwind its largest one-day upswing since the NBP's unexpected 50bp rate cut in September 2023. The stabilisation of market sentiment allows the zloty to trade on a slightly firmer footing this morning, although gains are contained relative to yesterday when the zloty started its recovery.

  • The rate last deals at 4.3353, 26 pips lower on the day. The next layer of support has been defined around Apr 9 low of 4.2527 and the psychologically significant 4.25 figure. On the topside, bulls look for a move through Jan 17 high of 4.4124.
  • POLGB yield curve has bull flattened, with yields last seen 4.8bp-8.7bp lower. The WIG20 Index has given away its opening gains and last sits near neutral levels.
  • Poland's consumer confidence improved to -11.5 in April from -12.3 prior versus -12.0 expected. Statistics Poland said that "the evaluation of the current economic situation of the country improved the most" (by 5.5pp).
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