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BUNDS

German curve is bear flattening

USDCAD TECHS

Maintains This Week’s Bullish Theme

POLAND

EURPLN Approaching 50DMA Resistance

BONDS

Bund and Euribor are falling

HUNGARY

NBH Leaves Its 1W Depo Rate Steady At 10.75%

EQUITIES

Cash opening calls

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POLAND
  • Local rates open higher after failing to take the next leg lower.
  • 10y rejected 1.14, tracking towards 1.18-1.20, 5Y holding near 0.56.
  • EUR/PLN continues its push lower after peaking and reversing from 4.56 resistance to pull back below 4.5414 - breaking the uptrend held since 20-Jan.
  • Increased protest action and the implications they hold for possible early elections is a tail risk to PLN in the near to medium-term, but for now, the pair may look to pull lower.
  • GDP in focus today as we get a first look at the 4Q20 damage brought on by tighter restrictions - expected at -2.7%.
  • Sup 1: 4.5368, Sup2: 4.5302, Res1: 4.5464 Res2: 4.5525
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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