May 15, 2013
Forex Flash: PLN – CPI – TD Securities
FXstreet.com (London) - Marcin Budkiewicz of TD Securities research team informed that the CPI release had negligible effect on PLN performance, as PLN moved higher from 4.1800 to 4.1830 vs. He also highlighted that EUR after the data release remained stable vs. its EM peers. In the past week, he said that the PLN has been the worst performer within the EMFX space. He said that the move came in the wake of a prior PLN rally, which left the currency overvalued and exposed to corrections. His team expect to see further limited PLN weakness in Q2, with EUR/PLN at 4.21, and gradual appreciation to 4.04 in Q4 after the NBP easing cycle comes to an end.