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Sell-Side PLN Bears Push EUR/PLN to YTD Highs

POLAND
  • Local rates trade flat to lower this morning, with duration better bid. Follows on from a broadly subdued day with limited activity across the curve.
  • 10Y is hovering just below 1.50, while 2Y yields drift hold just above 0.00 at 0.028.
  • EUR/PLN opens higher this morning to make a new high above 08 march resistance.
  • Sell-side remains fairly bearish on PLN given the overt dovish tilt from Glapinski and risks surrounding the CHF loans court verdict due next week (25 March) – for which some traders are favouring short PLN/HUF positions.
  • Moreover, deteriorating virus conditions risk seeing the restrictions extended, hampering the trajectory of the recovery.
  • Jan YTD highs are now coming into view at next Res1: 4.6132, Res2: 4.6217, Sup1: 4.5988, Sup2: 4.5915
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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