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Consumer Confidence Falls To New Record Low

POLAND
  • Poland consumer confidence fell to a new record low in August (-44.9) as economic outlook keeps deteriorating.
  • We have seen that leading economic and financial indicators have been pricing in a significant deceleration in the economic activity in H2.
  • Yesterday, economic data showed that Poland GDP came in significantly below expectations in Q2, falling by 2.3% QoQ (vs. -0.7% exp.) and decelerating to 5.3% YoY.
  • Selling pressure on PLN has been elevated this morning, with the EURPLN approaching its 4.72 resistance; next level to watch on the topside stands at 4.7420 (50% retracement of the 4.4830 – 5.0010 range).

Source: Bloomberg/MNI

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