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POLAND
  • Local rates pulling back lower after three successively weaker sessions.
  • Curve is bull flattening at the open, 20Y -1.6bp pulling back towards 1.22 support, 10Y -1.13bp approaching 0.56.
  • EUR/PLN continues to trade in a broadly choppy range between 4.5085 - 4.4732 as strong PLN fundamentals fight the possibility of NBP intervention.
  • The NBP has let spot drift past its prior line in the sand at 4.48, and it will be interesting to see how much further it goes before the NBP acts.
  • Bias remains to the downside at this stage with sell-side upbeat about PLN's prospects, but intervention risks remain.
  • Sup1: 4.4733, Sup2: 4.4640, Res1: 4.4968, Res2: 4.5085
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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