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NBP Comes Out in Line with Expectations, EUR/PLN Choppy to Higher

POLAND
  • Overall, NBP delivers exactly what was expected, with a focus on QE & FX intervention as the core support structured for the economy
  • Covid undermining growth in 4Q20, but 2021 rebound still in the cards
  • slightly less dovish rhetoric on rate cuts in the statement, but may be reserved for Glapinski's new monthly address on Friday
  • relatively muted reaction in EUR/PLN as outcome was broadly expected
  • initial spike past Res1: at 4.5302 opens up 4.5414 & 4,5525 as topside resistance
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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