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EURPLN Finds Resistance At 38.2% FIbo

  • EURPLN has been retracing lower in the past few days after finding resistance slightly above the 4.8030 level, which corresponds to the 38.2% Fibo retracement of the 4.4830 – 5.0020 range.
  • ST support to watch on the downside stands at 4.7420 (50% retracement).
  • Economic data to watch this morning will be CPI inflation, which is expected to accelerate to 15.6% in July (up from 15.5% the previous month).
  • We have seen that inflation has been constantly surprising ‘positively’ since the start of the year, which has been pressuring the NBP to hike more aggressively.
  • However, it seems that the board has been increasingly more concern about the growth outlook and therefore only a large ‘beat’ in inflation would push the NBP to readjust its policy outlook.

Source: Bloomberg

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