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4.60 Holds Firm as EUR/PLN Eyes US CPI

POLAND
  • Local yields flat to lower at the open after seeing duration catch a bid in yesterday's session. 10Y is holding just above 1.55, with 1.50 support below.
  • 5Y retraced early gains yesterday to hold flat above 0.85.
  • EUR/PLN trades higher at the open as choppy USD price action keeps the cross on the front foot.
  • Similar to EUR/HUF, yesterday saw a decent pullback lower as oscillators highlighted overbought conditions around the 4.60 handle.
  • Focus remains on US CPI today, with an upside print risking price pressures being interpreted as less transitory than is currently being vocalised by the Fed.
  • As noted yesterday, 4.60 should be a strong resistance level, with multiple prior highs in the 4.60-4.6325 range.
  • Intraday Sup1: 4.5691, Sup2: 4.5594, Res1: 4.5823, Res2: 4.6039
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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