NBP May Look to Sell PLN Again Today; Prior Moves ~+2% Around 50% Fib Level

• EUR/PLN continues to push higher on substantial MPC jawboning and NBP FX sales.
• Sales have been triggered around the 50%-61.8% retracement mark of the prior day's intervention and come in two waves.
• Moves were larger yesterday (~+2% each & +2.97% total) vs 18 Dec's total +1.95%, but may also be a function of lower liquidity.
• Retracement levels from yesterday's move: 50% at 4.5413, 61.8% at 4.5262.
• Res1: 4.5896, Res 2: 4.6289. 2% move from 50% fib (4.5413) would take spot to 4.6236, but may target Res2.

NBP comms suggest more intervention may come today as MPC members still view the PLN as overvalued and will likely want to make the most of thin markets to cement a move above 4.60. Reasoning behind this is still strange with exports and growth performing well at current rates & FX levels, making it seem like a move to bolster NBP profitability through reserve holdings.