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EURPLN Dips to 4.59 on NBP Decision

POLAND
  • Most analysts had been expecting a 25bp rate cut but consensus was far from unanimous, with some having expected a pause and others pencilling in another 75bp reduction.
  • EURPLN dipped to as low as 4.5896 on the back of the decision, closely matching the Sep 27 low. Initial firm support at 4.6037, the 20-day EMA, has also been pierced. A more sustained break would open the 50-day EMA at 4.5541.
  • The press release will be released at 1500BST/1600CET.

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