Back
6 Feb 2013
Forex: EUR/PLN retreats from highs after NBP
The Polish zloty has depreciated to the key resistance at 4.20 on Wednesday, following the NBP decision to cut the lending benchmark for the fourth consecutive time by 25 bps to 3.75%, broadly in line with market consensus.
In the opinion of Marcin Budklewicz, Strategist at TD Securities, the next macro data in the upcoming weeks would be decisive in terms of the next steps in monetary policy by the central bank. “Still, we believe that the NBP should not ease further, as rates are approaching levels seen by some MPC members as the limits of the easing cycle”, concluded the expert.
At the moment, the cross is up 0.13% at 4.1831 with the next resistance at 4.2140 (high Jan.31) ahead of 4.2179 (high Sep.5 2012) and then 4.2215 (high Jul.24 2012).
On the flip side, a breach of 4.1600 (MA200d) would bring 4.1515 (MA21d) and finally 4.1350 (low Feb.4).
In the opinion of Marcin Budklewicz, Strategist at TD Securities, the next macro data in the upcoming weeks would be decisive in terms of the next steps in monetary policy by the central bank. “Still, we believe that the NBP should not ease further, as rates are approaching levels seen by some MPC members as the limits of the easing cycle”, concluded the expert.
At the moment, the cross is up 0.13% at 4.1831 with the next resistance at 4.2140 (high Jan.31) ahead of 4.2179 (high Sep.5 2012) and then 4.2215 (high Jul.24 2012).
On the flip side, a breach of 4.1600 (MA200d) would bring 4.1515 (MA21d) and finally 4.1350 (low Feb.4).