Poland successfully flattened the curve by imposing strict restrictions relatively early. Poland has won an important battle, but the war continues as economists at Rabobank hold a cautious stance on the zloty.
Key quotes
“The prevailing uncertainty regarding the far from straight forward process of easing restrictions keeps EUR/PLN contained within the descending triangle pattern.”
“If the government manages to open more sectors of the economy every two weeks, the bias will shift in favour of a break below the support area around 4.52/51.”
“We remain of the view that it is still too soon to expect a sustainable reversal in EUR/PLN. Any indication that the number of cases at home or abroad is rising again, as restrictions are eased, could trigger another leg higher towards 4.80.”
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