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USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

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In addition to the elevated uncertainty over the economic outlook, the Polish Zloty (PLN) faces a series of risks in the short to medium term:
  1. Dovish NBP, with the majority of the NBP board (including Governor Glapinksi) in favour keeping rates low while the economic recovery is taking place;
  2. Series of legal dispute with the EU;
  3. Delays on EU aid plans (due to legal conflicts with EU); Poland is expecting a 23.9bn EUR in grants and 12.1bn EUR in loans (for a total of 36bn EUR);
  4. FX loans settlements.