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Zloty Softens, Recovery In Consumer Confidence Stalls

PLN

EUR/PLN has added 82 pips and last changes hands at PLN4.6895, gradually clawing back yesterday's losses. From a technical standpoint, bulls look for gains past Mar 20 high of PLN4.7215 and towards Feb 22 high of PLN4.7654. On the flip side, bears eye Mar 1 low of PLN4.6620 for initial support.

  • POLGBs are slightly weaker across the curve, with yields last seen 1.6-5.8bp higher across a steepened curve, as benchmark 10-year yield has moved firmly through the 6% mark.
  • Poland's consumer confidence improved to -35.6 from -36.0 prior, with consensus expecting a -34.6 print. The latest outturn marks a flattening in the trajectory of recovery in consumer sentiment, with the figure missing expectations for the first time since October 2022.
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