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Zloty Weakens Ahead Of Weekend

PLN

EUR/PLN spans a two-day losing streak and inches higher to last trade +61 pips at 4.3799. POLGB curve runs a tad steeper, while the WIG20 Index is slightly softer on the day. From a technical standpoint, a move through Jan 9 low of 4.3309 would expose Dec 13 low of 4.2935. On the topside, the focus falls on Jan 17 high of 4.4124.

  • The Finance Ministry said it will offer PLN5bn-7bn of POLGBs at an auction on January 29, narrowing the range from the PLN4bn-8bn mentioned in the initial issuance schedule.
  • ING write that they don't expect the March resumption of NBP rate cuts, which is currently priced in, to materialise. They maintain their call for EUR/PLN to decline to 4.32 (but no further than 4.30) over the next couple of weeks. They add that strong fundamentals could drive the pair to 4.20-4.25 over the medium term.
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