The EUR/PLN pair remains locked in the
tight 3.95-3.9750 range after Wednesday’s
session failed to produce the long-awaited
breakthrough for the Polish zloty. Zyta
Gilowska’s trial got some attention, but even
though the ex-FinMin was acquitted of the
alleged cooperation with the communist-era
secret service the positive market reaction
was short-lived and certainly not strong
enough to support a break past 3.95. Late in
the session and for no apparent reason the
zloty edged down against the euro and
eventually ended the day at 3.97 EUR/PLN.
The domestic economic calendar is empty
today. So we would expect more range trade
from the zloty. If Zyta Gilowska decides to
rejoin the government we could see the zloty
return the lower bound of the current range,
while any other decision should have
relatively little impact on the market.
(CSOB - Investment research)