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Momentum on CZKPLN Remains Firm Ahead of CNB Meeting

CEE FX
  • CZKPLN continues to trend higher in today’s trading session ahead of the CNB meeting on Dec 22.
  • The market expects CNB to hike its policy rate by 75bps to 3.5% on Wednesday, which will bring the benchmark rate to its highest level since September 2008.
  • On the other hand, the uncertainty over the NBP policy outlook remains elevated and the on-going political tensions between Poland and the West could continue to weigh on the zloty in the medium term.
  • Key resistance to watch on the topside stands at 0.1857, which corresponds to the pair’s all-time high.

Source: Bloomberg/MNI

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