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PLN Appreciates Ahead of NBP Meeting

POLAND
  • USDPLN has been trending lower during the European trading session ahead of the NBP meeting, with the pair currently testing its 4.24 level; a break below that level would open the door for a move down to 4.22.
  • EURPLN is down two figures, gradually approaching its 4.63 support; next level to watch on the downside stands at 4.62.
  • The NBP is likely to hike its policy rate by 75bps following the ‘positive’ surprise inflation in March.
  • As mentioned in the preview, a 50bps hikes (analysts’ expectations) could ‘disappoint’ market and therefore lead to some PLN weakness after the decision.

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