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EUR/PLN Holds Broad Range Between 50 & 200dma

POLAND
  • Local rates open marginally lower, but remain within the broad bear steepening uptrend held since 01 Feb.
  • 10Y moved through prior higher at 1.368, while 5Y pulled back from the 0.75 level after also making a new high.
  • EUR/PLN continues to trade in a broad range between 4.5085-4.4739, and proved slightly more resilient to rising UST yields in yesterday's session than its EM peers.
  • Spot remains pegged between the 50dma & 200dma, awaiting a breakout to determine a more decisive near-term direction,
  • but somewhat hamstrung by the spectre of potential NBP intervention below 4.47.
  • Choppy trading is likely to persist until cleaner catalysts enter the market.
  • Sup1: 4.4947, Sup2: 4.4885, Res1: 4.4994, Res2: 4.5085
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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