EUR/PLN has room for further gains towards the 4.735/40 zone – ING

The sell-off in Central and Eastern Europe continues. Economists at ING think the Polish zloty is the next victim, which will not be helped by domestic data.

Polish data will not improve the zloty's mood

“Food news is unlikely to come. Industrial production is expected to fall further in month-on-month terms, and we expect wage growth to be lower than market expectations. PPI should be lower than market expectations as well but still above a strong 20% year-on-year.”

“The Polish zloty finally broke above 4.720 EUR/PLN and we think it has room for further losses towards the 4.735-4.740 range if EUR/USD does not erase its losses.”