Free Trial

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).

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.