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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPoland Will Do 'Everything' To Make The Zloty 'Slightly' Stronger
- Selling pressure on PLN has been elevated in recent weeks amid rising political and economic uncertainty in Poland.
- In addition to the Covid uncertainty (which may lead to significant downward revision in growth expectations), there are a number of risks in Poland that can impact the zloty in the medium term:
- on-going dispute with the EU,
- fines and delay in pandemic aid,
- FX-loan settlements,
- rising LT bond yields.
- PM Mateusz Morawiecki mentioned in a press conference this morning that Poland will do 'everything in its communication and actions' to make the zloty 'slightly' stronger.
- The aggressive rate hikes by the NBP in the past two months was not enough to limit the downside risk on PLN, and rising uncertainty could continue to push preference for 'safe' assets (i.e. USD) in the near term.
- Unless we see a correction in the US Dollar, selling pressure on PLN is expected to remain elevated.
- PLN is up slightly following PM Morawiecki's comments, with USDPLN testing its 4.16 support. Next level to watch on the downside stands at 4.14. On the topside, resistance to watch stands at 4.20.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.