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Glapinksi's Address in Focus as PLN Continues to Slide

POLAND
  • EUR/PLN maintains its upside bias as risk markets continue to sell off following Powell's testimony.
  • Focus today will be on Glapinski's presser for tone regarding the recent upside growth/inflation prints, but more importantly, regarding FX loans following divergent comments from FinMin Koscinski.
  • Recently the NBP has been in favour of supporting the $31bn transaction from PLN to CHF, but alarming comments from Koscinski blindsided markets expecting assistance.
  • NBP has yet to stipulate its position, but may do so today.
  • NBP is likely to reiterate willingness to intervene in FX markets, but at these levels it is unlikely, and even harder to justify, on the basis of risks to growth, given new upside projections.
  • Intraday Sup1: 4.5687, Sup2: 4.5590, Res1: 4.5829, Res2: 4.60
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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