Free Trial

Zloty Tad Weaker, Monday's CPI Data Eyed

PLN

EUR/PLN has ticked higher after printing new cyclical lows yesterday (4.1117) and last deals +58 pips at 4.4302. Gains past the 50-EMA at 4.4731 could alter the picture. Bears look for a resumption of weakness, targeting losses towards the round figure of 4.40.

  • The zloty was looking to core markets for cues this week, in the absence of major domestic developments. The zloty remained relatively stable yesterday as EUR/USD sank on the back of market reaction to the ECB monetary policy decision and above-forecast US GDP data.
  • Looking ahead, flash CPI readings for July will be published on Monday. The median estimate in a Bloomberg survey is currently +11.0% Y/Y after inflation printed at +11.5% in June. The data will be closely watched by the NBP as they are pivoting to a discussion on the likely timing of rate cuts.

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.