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Polish Bonds Hurt In Risk-Off; EUR/PLN Choppy Above 4.5085

POLAND
  • Local bonds continue to sell off dramatically at the back end of the curve as risk aversion hits EM FI markets.
  • 10Y now trading comfortably over 1.50, while 5Y holds above 0.80.
  • EUR/PLN opens lower as the greenback eases from early highs. Spot remains choppy after breaking the lateral range at 4.5085 on 24 Feb.
  • Focus shifts to 4Q GDP today exp at -2.8% vs -0.7% prior and next week's NBP meeting.
  • Although little will be expected by way of policy changes, Glapinski's presser will be monitored for its stance on FX intervention and the degree of dovishness in his guidance around future rate cuts.
  • Sup1: 4.5085, Sup2: 4.5035, Res1: 4.5179, Res2: 4.5250
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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