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Key Support Gives Way As EUR/PLN Stays Heavy

PLN

EUR/PLN remains heavy, refreshing cyclical lows. The rate now changes hands -118 pips at PLN4.6211, moving confidently through Dec 26 low of PLN4.6270, which opens up the PLN4.60 handle. Bulls need to retake Apr 6 high of PLN4.6947 to regain poise.

  • POLGBs have strengthened alongside regional peers. Local equity benchmark WIG20 has surged ~2.5% and has now retraced more than 76.4% of its Jan 11 - Mar 20 sell-off.
  • Local headline flow revolves around the question of Ukrainian grain imports that depressed local prices, sparked farmers' protests and were eventually banned by the government last weekend. Poland is now in talks with Ukraine over a new agreement, while also awaiting an official reaction from the European Commission.
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