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Zloty Weakens Amid Negative Market Sentiment

PLN

EUR/PLN has crept higher and last deals at 4.4436, up 181 pips on the session, with domestic headline flow offering little in the way of notable price catalysts. Wider risk-off sentiment inspired by disappointing Chinese trade data and headwinds for the global banking sector.

  • From a technical perspective, a clearance of the 50-EMA at 4.4639 would bring Jul 6 high of 4.5040 into play. Bears keep an eye on Jul 31 low of 4.3986, followed by Aug 28, 2020 low of 4.3822.
  • Commenting on the NBP's Q3 Senior Loan Officer Opinion Survey, mBank wrote that banks are tightening loan criteria, but borrowers are showing more interest in financing, which bodes well for economic recovery. In a similar vein, Santander said that a rebound in lending should support economic activity in 2H2023.
  • NBP's Tyrowicz and Litwiniuk reaffirmed their assessment that the central bank should not cut rates this autumn, with Tyrowicz reiterating her call for higher interest rates.
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