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Rising Uncertainty Keeps Pushing Long-End of the Curve Lower

POLAND
  • 2023 breakeven inflation stabilizes around 3.50%, down nearly 30bps since its high of 3.78% reached in early June.
  • Investors will focus on July CPI print this week (July 30), expected to rise to 4.7% (from 4.4% the previous months) according to sell-side estimates.
  • Poland 10Y yield has been consolidating lower in the past two months as demand for safe assets (i.e. Gvt bonds) has been rising since the beginning of June.
  • Key support to watch on the downside stands at 1.46%, which corresponds to the 61.8% Fibo retracement of the 1.13% - 2% range and the 200DMA.

Source: Bloomberg/MNI

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