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EUR/PLN Holds its Uptrend; Vaccine Rollout Accelerates

POLAND
  • EUR/PLN opens higher on a more buoyant greenback at the start of the session.
  • The pair is holding its choppy uptrend started on 20 Jan, but has run into some selling pressure on moves towards 4.5525.
  • Sell side still sees fundamentals bringing the pair below 4.50 in the medium-term on the expectation for less FX intervention from the NBP in 2021, but spot should continue to trade choppily in the short-term.
  • Poland's vaccine rollout is proving to be more effective than other regional & EM peers, however, reaching a new record of 118,915 daily doses administered.
  • Focus today on the Fed and local unemployment data. Res1: 4.5525, Res2: 4.5590, Sup1: 4.5414, Sup2: 4.5370
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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