http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/05/17/Polish Zloty (EUR/PLN) – negative outlook for the Zloty Despite vacation coming up, the currencies market is far from boring. The main question is if the Fed will reduce its QE program this year, or not. The strengthening of the USD suggests bets for that kind of move. Weak macro data from the U.S economy (which would suggest a rebound on the EUR/USD as it would extend the time when QE could be reduced) was ignored by the market and the American currency kept trading in its downward trend.Fri, 17 May 2013 13:59:25 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/05/17/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/05/10/After the previous eventful week (Fed, ECB, NFP) this past week was rather calm. Published macro data from the U.S and China was positive, which decreased global risk aversion. This in turn, helped emerging market currencies regain some ground. In Poland, the MPC cut interest rates by 25 bp to 3.00%, which was surprising to some, including me. I was expecting rather the conservative MPC taking action in June, not in May. It seems though, the market has had discounted the May cut as the PLNFri, 10 May 2013 13:29:47 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/05/10/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/26/02/PLN, HUF and RON weekly snapshot – Pressure on the Euro hurts the PLN and HUF, RON gains Polish Zloty (EUR/PLN) – Breaking a crucial resistance lifts the EUR/PLN higher It was not an easy week for emerging markets currencies. Weak macro data from the Eurozone, especially from Germany, lifted more questions about the ECB’s reaction. Now everybody is expecting Draghi to do…something. Honestly, the ECB does not have many possibilities and in this case next Thursday’s Draghi’s press conferenceFri, 26 Apr 2013 14:05:00 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/26/02/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/12/Polish Zloty (EUR/PLN) – MPC keeps rates unchanged, will be watching inflation This past week was much less exciting in terms of published macro data than the previous one when the central banks’ decision and the disappointing NFP reading determined market movements. This past week macro events has not had such an impact. Emerging market currencies’ traders focused also on local factors, mainly inflation. In Poland, the MPC kept interest rates unchanged at 3.25% on Wednesday. The central bankFri, 12 Apr 2013 14:55:03 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/12/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/05/Polish Zloty (EUR/PLN) – Upward move denied after NFP Traders were back from the Easter holiday and right away got some action on the markets. The main impulses came from the BoJ, the ECB and the BoE and especially Friday’s disappointing NFP. Disappointing to those who were expecting a great reading again, which could have caused the Fed to start consider reducing QE sooner than in 2014. Well, that is not happening, at least not soon. On the emerging markets’ currencies we observed higherFri, 05 Apr 2013 15:18:00 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/04/05/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/29/Polish Zloty (EUR/PLN) – Calm week on the PLN Despite more problems emerging in the Eurozone (economic risks in Cyprus or political risks in Italy) it was a rather calm week on emerging markets’ currencies. It seems like traders were getting ready for Easter and left trading for next week, after the holiday break. In Poland, no crucial macro data was published so the PLN currency pairs reacted to external events and the overall global situation. The Zloty kept losing ground but the decline wasFri, 29 Mar 2013 13:28:00 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/29/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/22/Polish Zloty (EUR/PLN) – Larger correction expected? Cyprus has made it really difficult for emerging markets currencies. It would be really hard to find any emerging currency that gained against the majors. Local factors did not matter at all. In Poland macro data keeps disappointing. CPI inflation remained at 1.4% in February while industrial production declined by 2.1% on a yearly basis. The unemployment rate also stays high at 14.4% but again retails sales declined, this time by 0.8%Fri, 22 Mar 2013 16:18:05 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/22/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/15/Polish Zloty (EUR/PLN) – Inflation keeps diving After the previous exciting week on currencies markets, this past was much calmer. Volatility declined and the movements were not as abrupt. What is interesting, all the described emerging markets currencies below reached crucial support or resistance levels. In Poland, the main topic this past week was the CPI index reading. Consumer inflation declined to 1.3% in February, which is below the lower bound of the central bank’s inflationary targetFri, 15 Mar 2013 15:17:34 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/15/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/08/Polish Zloty (EUR/PLN) – MPC cuts rates by 50bp It was a truly interesting week on the currencies markets. It was supposed to be the week of central banks, and partially it was, until the U.S NFP report on Friday (what a reading! 236K against the 160K forecast…). Major central banks kept their monetary policy unchanged. The Bank of England and the Bank of Japan kept their current asset repurchase program while the ECB mentioned there was a discussion about cutting interest rates, but theyFri, 08 Mar 2013 15:00:11 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/08/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/01/Polish Zloty (EUR/PLN) – PLN at crucial support level What an interesting week it was. Not only the Italian elections results but also the reaction of markets to Ben Bernanke’s testimony in front of Congress provided many impulses to traders. Obviously, emerging market currencies has not remained unaffected. Although we have to note that also a couple of internal factors also contributed to the larger currency movements this past week. In Poland unemployment rate increased to 14.2% in January,Fri, 01 Mar 2013 16:05:27 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/03/01/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/22/Polish Zloty (EUR/PLN) – rating outlook upgrade helps the Zloty IGlobal markets were surprised with Wednesday’s FOMC meeting minutes and the voices of a possible decrease of QE by the Fed. Finally, James Bullard got some allies in his hawkish quest. The FOMC meeting minutes of course affected emerging markets currencies, but local factors also had their impact. In Poland, wages grew only by 0.4% in January on a yearly basis while Industrial Production increased by 0.3% (“improvement” from theFri, 22 Feb 2013 15:58:59 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/22/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/15/Polish Zloty (EUR/PLN) – will 4.20 be finally broken? It was a much calmer week than the previous one and for larger movements on emerging market currencies we have to wait till next week. The Polish Zloty remained in the 4.13 – 4.20 range it has been traded for the last couple of weeks. I believe it can break from that range in the upcoming weeks. Core inflation declined to 1.7% (yearly basis), which gives room for the MPC to cut interest rates in March. The main event of the week on theFri, 15 Feb 2013 15:28:29 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/15/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/08/Polish Zloty (EUR/PLN) – MPC cuts rates, what is next? It was the week of central banks. Interest rates were in the spotlight not only in the Eurozone, England or Australia but also in Poland and Romania. Despite the increased volatility on global markets, the polish zloty remained rather stable. We were all waiting for Wednesday and the MPC’s decision. Interest rates were cut by 25bp to 3.75% as expected but the press conference that followed the decision was disappointing. No clear signalsFri, 08 Feb 2013 15:57:15 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/08/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/01/Polish Zloty (EUR/PLN) – 4.20 sustains the attack After a volatile week, emerging markets currencies recovered by the end of week and it seems there is still appreciation potential. The Zloty traders are waiting for next Wednesday when the MPC will decide on interest rates. We expect another interest rate cut by 25 bp so any other decision (leaving interest rates unchanged at 4%) will give an impulse for the Zloty to appreciate. Still, it could be short term move as the outlook remainsFri, 01 Feb 2013 16:19:27 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/02/01/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/25/Polish Zloty (EUR/PLN) – Weak macro outlook As investors are being hit with mixed macro data from the major economies, local factors more and more affect emerging market currencies. This past week we have seen the continuation of weak macro data being published from the Polish economy. Retails sales dropped by 2.5% in December (on a yearly basis), a number not seen in a long time. The unemployment rate reached 13.4% (from the previous 12.9%) showing a weakening labor market. The retail salesFri, 25 Jan 2013 15:59:22 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/25/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/18/Polish Zloty (EUR/PLN) – Zloty depreciates on weak macro data The published macro data from the economy keeps confirming the first part of 2013 will be hard for the Polish economy. CPI inflation declined in December to 2.4% (yearly basis) while Core CPI dropped to 1.4% (from 1.7%). I do not expect a sudden increase of inflation and I hope the local MPC will take that into account. We had to wait till the end of the week though to see more action on the Zloty market, which traded within theFri, 18 Jan 2013 15:40:14 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/18/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/11/Polish Zloty (EUR/PLN) – MPC moves the Zloty It seemed that the corrective movement on the zloty will continue as global sentiment worsened during the first part of the week. Then, the local MPC came into play. As expected (although the MPC surprised us before many times…), interest rates were cut by 25bp to 4%. The reaction of the market was modest, but the impulse came during the press conference after the decision. Marek Belka, MPC’s president, stated that the interest rates cut cycle isFri, 11 Jan 2013 15:01:16 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/11/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/04/PLN, HUF and RON weekly snapshot – Strong start of the year Polish Zloty (EUR/PLN) – Global sentiment affects the Zloty The New Year started and certainly we cannot be bored. After the first, calm part of the week, we have seen much more action towards the weekend. The Polish Zloty finished the previous year and started the new one in strong fashion. This time there was no central bank intervention as last year – polish external debt used to be calculated using the PLN quotation of the lastFri, 04 Jan 2013 15:12:28 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2013/01/04/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/12/21/Polish Zloty (EUR/PLN) – Despite weak macro data, the PLN continues to rally In December we are truly experiencing the Santa Claus rally. Stock indices all around the world are reaching yearly highs (the German DAX is even at its four-year highs). Investors believe the Greek problem is partially solved (no idea why somebody would be thinking that…) while Democrats and Republicans are close to reach a deal about the fiscal cliff (such a deal will be reached anyways). Improved global sentimentFri, 21 Dec 2012 15:05:54 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/12/21/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/12/14/Polish Zloty (EUR/PLN) – Strong gains despite expected lower rates What a week for emerging market currencies. The Fed gave a Christmas present to the market and all the kids on the market got excited. The EUR/USD and stock exhcnages rallied and left no choice to the PLN, HUF and RON. The Polish Zloty gained almost 1% throughout this past week against the EUR and 2,5% against the USD. Actually, the PLN is the second top gainer (the Hungarian Forint is the best) this year against the U.SFri, 14 Dec 2012 15:40:52 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/12/14/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/30/Polish Zloty (EUR/PLN) – Negative outlook for the Zloty The closer we get towards the end of the year, the more interesting the situation on the emerging markets currencies becomes. The Greek deal certainly brought optimism back to the markets (I wonder why since the deal is mostly creative accounting procedures to make the numbers look good without actually solving the problem), which helped the Zloty to reach monthly highs against the majors. Further appreciation was denied after the releaseFri, 30 Nov 2012 15:38:23 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/30/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/23/Polish Zloty (EUR/PLN) – Support at 4.10 remains unbroken It was supposed to be a slow and boring week as U.S markets were closed on Thursday (Thanksgiving Day) and a shorter Friday session. Well, as it often happens with expectations, things turned out differently. It may seem surprising that the Zloty appreciated this past week taking into account all the factors. The CPI index for October remained at 1,9% which cannot block another interest rate cut by the Plosh MPC on its December meeting.Fri, 23 Nov 2012 15:58:55 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/23/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/16/Polish Zloty (EUR/PLN) – Low volatility on the PLN market It was a rather sleepy week on the emerging markets currencies as investors are waiting for a stronger impulse that can move the markets. Now, investors are taking the wait-and-see stance so volatility is lower and we have to wait for the big swings. The Zloty market remained stable this past week. More and more signals show that the MPC should hurry up with interest rate hikes. The CPI index declined to 3,4% in October (from theFri, 16 Nov 2012 15:37:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/16/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/09/Polish Zloty (EUR/PLN) – MPC finally cuts interest rates... The main event of the week was certainly Barrack Obama’s victory in the U.S Presidential elections. That was also the trigger for bigger market moves, which could have been seen on emerging makrets’ currencies. As expected, the first market reaction was positive, but invetors quickly relized the difficult challenges that are ahead of the old/new President, with the „fiscal cliif” coming up right away. Stock markets along with theFri, 09 Nov 2012 15:56:26 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/09/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/02/Polish Zloty (EUR/PLN) – PLN recovers on better global sentiment Global risk appetite improved after the passing of Sandy did not destroy facilities as much as feared, and Friday employent figures. The optimistical view prevailed, lending support to the Zloty. Manufacturing PMI showed an improvement from the 3 year low of 47, but only marginally, toward 47.3. The new export orders reached a 40 month low, spelling trouble ahead for the industrial landscape. The consumer sentiment also crawlsFri, 02 Nov 2012 15:12:41 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/11/02/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/26/Polish Zloty (EUR/PLN) – Set up for further depreciation? In a week in which we lacked positive impulses there is no surprise emerging markets currencies experienced corrective movements. Despite rumors, the Greek situation is not solved. Spain has not applied for financial help. U.S companies quarterly earnings have not saved the day as most of them are reporting disspointing results. In the light of weak macro data publications there was no other direction for the Zloty than south.Fri, 26 Oct 2012 15:35:40 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/26/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/19/Polish Zloty (EUR/PLN) – Sellout of the Zloty might happen soon Despite a rich economic calendar and a vast amount of published macro data and quarterly results by US companies, trading on the Zloty market was rather slow. On one side we have confirmation that the Polish economy is slowing down and that an interest rate cut is not in question; the question is how this cut will be. Wages in September increased only by 1.6% on a yearly basis, which with an inflation of around 3.8% gives a 2.2%Fri, 19 Oct 2012 14:46:45 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/19/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/12/Polish Zloty (EUR/PLN) – MPC talking about cutting rates..again Due to the poor economic calendar this past week, local market participants focused more on news coming from struggling economies (rating downgrad of Spain, IMF „struggling” with European countries about Greece) and on market technicals. We heard again MPC members talking about the need to cut interest rates (Hausner), the fact that interest rates should be cut by at least 50bp now (Bratkowski) or that the Polish economy isFri, 12 Oct 2012 15:03:12 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/12/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/05/Polish Zloty (EUR/PLN) – MPC shocks market participants Finally we got more action on the emerging markets’ currencies. Major central banks’ meetings did not move markets as much as expected, but local factors did. The news of the week on the Polish market was the mysterious decision to keep interest rates unchanged at 4.75% by the MPC. Are politics influencing major decisions regarding monetary policy? There is no mystery that some of the MPC members are in certain political camps and thisFri, 05 Oct 2012 14:31:24 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/10/05/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/28/Polish Zloty (EUR/PLN) – PLN recovers on better global sentiment The Zloty market recovered some of the ground it lost the previous week. Investors received rather well the news about Spain’s projected budget (which is expected to generate around 40bln EUR in savings) which in turn decreased risk aversion. Demand for the PLN increased despite not so positive macro data from the local economy. Retail Sales (on a yearly basis) increased by 5.8% in August (an over 1% decrease compared to the lastFri, 28 Sep 2012 14:04:10 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/28/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/21/Polish Zloty (EUR/PLN) – PLN retreats on weak local macro data From the beginning of the week it seemed that the euphoria caused by central banks actions is gone and that markets realized this is not the end of the problems. Emerging markets’ currencies retreated, giving up their last week’s gains. The second half of the week though was much more optimistic with another central bank, this time the BoJ, adding stimuls to the economy (10 trillion yen to be exact). Also rumors that Spain mightFri, 21 Sep 2012 14:17:38 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/21/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/14/Polish Zloty (EUR/PLN) – The 4.03 level again in sight The Zloty continued the rally that began the previous week. It could not be otherwise, as markets exploded the Ben Bernanke announced QE3 this Thursday. Despite the fact that the new round of quantitive easing was rather discounted by the markets, it still brought the relief investors were waiting for. Since emerging markets’ movements are a good barometer of global sentiment, we can easily see how investors worldwide reacted to QE3. IFri, 14 Sep 2012 14:13:09 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/09/14/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/31/Polish Zloty (EUR/PLN) – MPC dovish statements outgunned by ECB’s decision Trading on emerging markets’ currencies became more difficult this past week as its positive correlation was broken. Actually, trading the PLN, HUF and RON the same direction turned out to be a decent hedge (not the best deal for directional traders) since they moved in different directions. Why the discrapancies? Let’s take a look at the Zloty first. The MPC left interest rates unchanged at 4.75% on their Wednesday’sFri, 31 Aug 2012 14:22:08 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/31/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/17/Polish Zloty (EUR/PLN) – Corrective movement on the PLN, but the 4.00 level still in sight It is summertime and we can be experiencing this when trading on emerging market currencies this past week. Volatility was low since most traders are waiting for actions (or announcements of lack of action) by major central banks. Also, Wednesday was a major holiday in Poland (and other various countries in europe) so local traders were out of the market. Sometimes this kind of holidays are occassion forFri, 17 Aug 2012 14:07:39 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/17/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/10/Polish Zloty (EUR/PLN) – Zloty heading towards 4.00 The appreciation of the Zloty in the last couple of weeks is making investors wonder when the so much expected corrective movement will happen. Well, so far the Zloty bulls are not allowing for major corrections. Optimism remains on global markets but also internal factors are helping the local currency. According to the Moody’s rating agency, the apetite of foreign investors for Polish Treasuries is positive for the country’ rating.Fri, 10 Aug 2012 13:21:01 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/10/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/03/Polish Zloty (EUR/PLN) – Zloty strongest since 2011 against the Euro The Zloty keeps ignoring the macroeconimic surrounding and continues its appreciation. Polish Treasuries are still in high demand helping the local currency to remain strong. Even the increased volatility that was observed on the currency markets after Super Mario’s press conference, was not seen on the Zloty market. The outlook for the economy is still good proved by a better than expected PMI report (a reading of 49.7, anFri, 03 Aug 2012 13:34:33 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/08/03/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/27/Polish Zloty (EUR/PLN) – Zloty at 4-month lows After a couple of weeks of lower volatility, finally we got some action on the Zloty market. This time the moves were caused by external factors, mainly by Mario Draghi’s speech aboout the ECB’s stand to fight for the Euro with all forces. Surprising statement but it had its effect – it brought some short term optimism on the market but lets remember that words do not fix thie situation and a follo up with action is needed. On the local market notFri, 27 Jul 2012 14:40:57 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/27/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/20/Polish Zloty (EUR/PLN) – Support at 4.15 sustain the attack The recently published macro reports do not give us a reason to be optimistic. U.S data shows the slowdown in the world’s largest economy is still unfolding. The bond auction in Spain reminded us of the issue in Europe and the decision of the German parliament giving a green light to the transfer of funds to Spanish banks does not solve the problem. On the other hand, technology companies have been showing slighlty better resultsFri, 20 Jul 2012 14:43:17 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/20/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/13/Polish Zloty (EUR/PLN) – Demand for local debt lifts the Zloty It is summertime and despite all the events through which economies are going right now, volatility is lower on the Zloty market. It also seems the known correlation of the Zloty market to the EUR/USD has been broken (a EUR/USD decline, usually caused by increased risk aversion, would make emerging markets’ currencies depreciate). As for the Zloty market, its appreciation this past week was partially caused by foreing investors’Fri, 13 Jul 2012 14:44:48 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/13/http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/06/Polish Zloty (EUR/PLN) – MPC keeps interest rates unchanged It was a rather calm week on the Zloty market. Maybe it was because no events or news surprised us? The ECB interest rate cut as well as the BoE’s extension of the asset purchase program were widely anticipated and did not provide strong impulses on the Zloty (opposite to what was going on on the majors...). Although we have to note that another macro data is showing the economy is slowing down – Manufacturing PMI declined, again,Fri, 06 Jul 2012 15:32:21 GMThttp://www.fxstreet.com/technical/analysis-reports/Robert.kosowski@xtb.pl (XTB Poland)http://www.fxstreet.com/technical/analysis-reports/pln-huf-and-ron-weekly-snapshot/2012/07/06/