EUR/PLN: Polish Zloty is heading for new gains – ING
Source Fxstreet
EUR/PLN has broken 4.3200. Economists at ING analyze the pair’s outlook.
Full of hope for new gains
EUR/PLN touched 4.3000 briefly in December. Otherwise, it's a level last seen before Covid. We repeatedly mention long PLN positioning here, which is and will be a long-term problem for further PLN gains.
On the other hand, the short end of the IRS curve is already at levels prior to September's surprise National Bank of Poland rate cut of 75 bps. This implies decent support for the currency compared to HUF and CZK.
Thus, if the market doesn't fall for the false hope of rate cuts after Thursday's inflation print, we see this week as an opportunity to test 4.3000 again.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
During the Asian session on May 26, gold prices ( XAUUSD) weakened under pressure after briefly touching the $4,580 resistance level, maintaining a weak trend intraday and potentially ent
Gold price (XAU/USD) gains ground to near $4,575 during the early Asian session on Tuesday. The precious metal edges higher as hopes for US-Iran peace negotiations weakened the US Dollar (USD).
Here is what you need to know on Monday, May 25:
Silver price (XAG/USD) rises nearly 4% after registering losses in the previous day, trading around $78.50 per troy ounce during the Asian hours on Monday.
Gold (XAU/USD) trades lower for the second consecutive day on Friday, but remains contained within previous ranges, with downside attempts limited above the $4,500 line for now.
Related Instrument
