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EURPLN Losses Accelerate Through Earlier Lows, PLNCZK Reaches Highest Since April 2021

PLN
EURPLN losses have accelerated through today’s earlier lows with the cross now at its lowest level since late-December, signalling the end of the correction between Dec 13 - Jan 17. A continuation lower would open 4.2935, the Dec 13 low and key support, a break of which would place the cross at its lowest since March 2020.
  • Earlier today, an upswing in EURPLN coincided with a sharp sell-off in PLNHUF in reaction to the news that Hungary reached a deal with the rest of EU member states on unlocking a EUR50bn aid package for Ukraine. That cross has since recovered and is currently trading 0.1% in the green, still within relatively close proximity to Monday’s 13-month high. Meanwhile, PLNCZK has extended its recent rally, up 0.5% on the day and at its highest since April 2021.
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