The Polish zloty weakens further and reaches the 4.5700 level against the euro.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- The Polish zloty depreciates to the 4.5700 region.
EUR/PLN rose to levels last seen in early May around the 4.5700 zone in response to the unexpected interest rate cut by the National Bank of Poland (NBP).
EUR/PLN rapidly added to the weekly move higher after the NBP caught everybody off guard and reduced its policy rate by 75 bps to 6.00% at its monetary policy meeting on Wednesday.
The sudden move by the Polish central bank was the first rate cut since it raised rates to 6.75% (from 6.50%) exactly a year ago.
The NBP’s decision to trim rates comes in a context of declining inflation, albeit still elevated by domestic standards. Furthermore, tracked by the CPI, consumer prices rose at an annualized 10.1% in August, retreating for the seventh month in a row after hitting highs past 18% in February.
So far, spot is up 1.63% at 4.5671 and a breakout of 4.5900 (200-day SMA) would open the door to 4.6158 (monthly high May 1) and then 4.7233 (monthly high March 20). On the other hand, the next support emerges at 4.4545 (55-day SMA) seconded by 4.3985 (2023 low July 31) and finally 4.3753 (monthly low August 18 2020).
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
