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5 Jun 2013
EUR/PLN retreating from highs on NBP
FXstreet.com (Barcelona) - The Polish zloty is trading on the back foot against the single currency on Wednesday, after the NBP cut the refi rate, matching consensus.
The Polish central bank cut by 25 bps the lending benchmark, broadly in line with market expectations and taking it to 2.75%. Poor domestic data as of late and sluggish conditions overseas precipitated the decision. Previous data showed that retail sales contracted 0.1% on a monthly basis, below forecasts.
The cross is now up 0.16% at 4.2445 with the next resistance at 4.2972 (high May 31) ahead of 4.3000 (high Jun.28 2012) and finally 4.3138 (50% Fibo 4.5990-4.0285). On the other hand, a breakdown of 4.2228 (low Jun.4) would expose 4.1720 (low May 28) and finally 4.1666 (low May 17).
The Polish central bank cut by 25 bps the lending benchmark, broadly in line with market expectations and taking it to 2.75%. Poor domestic data as of late and sluggish conditions overseas precipitated the decision. Previous data showed that retail sales contracted 0.1% on a monthly basis, below forecasts.
The cross is now up 0.16% at 4.2445 with the next resistance at 4.2972 (high May 31) ahead of 4.3000 (high Jun.28 2012) and finally 4.3138 (50% Fibo 4.5990-4.0285). On the other hand, a breakdown of 4.2228 (low Jun.4) would expose 4.1720 (low May 28) and finally 4.1666 (low May 17).