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PLN Sees Some Respite Ahead of Today's NBP (1500GMT)

POLAND
  • PLN seeing a little respite at the open with EUR/PLN slightly lower.
  • The cross has remained under pressure all week in the lead-up to today's NBP with sell-side broadly concerned about virus dynamics in the CEE region.
  • Bias among the banks has been to sell CEE vs CEEMEA high yield on a pickup in positive risk sentiment and deteriorating CEE virus conditions.
  • Inflation & growth forecasts remain the key factor at this NBP and may provide PLN with a few catalysts, but the core focus for EUR/PLN will be on Glapinski's Friday presentation.
  • FX intervention threats are unlikely to move the needle on PLN, given spot EUR/PLN is trading well above the 4.47 region. Intraday Sup1: 4.5272, Sup2: 4.5182, Res1: 4.5417, 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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