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EUR/PLN 4.48 Seen as the Line in the Sand for Possible NBP Intervention

POLAND
  • EUR/PLN is hovering above 4.5085 support after moving higher on a firmer USD in yesterday's session.
  • Sell side still believes the NBP may look to defend the currency on moves to 4.48 in the short-term and be choppy within the 4.48-4.60 band
  • but believes that on a 6-12m horizon, spot will likely drift towards 4.40-4.30.
  • NFPs today likely to inject some volatility into the mix, but the cross remains largely dominated by NBP intervention expectations.
  • SUP1: 4.4968, SUP2: 4.4812, RES1: 4.5302, SUP2: 4.5414.
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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