Polish zloty strengthened below EUR/PLN 4.00
Currencies: Polish zloty strengthened below EUR/PLN 4.00
The Polish zloty kept its recent gains and stayed below 4.00 EUR/PLN on Tuesday. It was partly thanks to improving global sentiment, but also due to growing belief in healthy domestic fundamentals. Poland’s recent plan to cap budget spending and speed-up sale of state assets only helped to build the image of economy well sustaining the global headwinds.
From a technical point of view, it seems to be clear that the Polish currency has the space for further gains now. We see next strong support at 3.862 EUR/PLN (62.8% Fibonacci resistance). The domestic scene is empty and we are more and more convinced that the zloty is currently capable to withstand even temporary spikes in global risk aversion.
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