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Momentum on PLN Strengthens As NBP Surprises Market With 100bps Hike

POLAND
  • EURPLN broke below its 4.6150 support (yesterday’s low) following NBP large hike, gradually approaching its 200DMA at 4.6020.
  • STIR market was pricing in a 75bps hike, while analysts were broadly expecting a 50bps hike.
  • PLN continues to trade below its ‘fundamental’ value; however, renewed sanctions could limit the upside PLN appreciation in the ST.
  • Governor Glapinski will hold a press conference tomorrow at 3pm CET.

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