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- EUR/PLN opens higher after a choppy close to the week, following remarks from NBP's Glapinski.
- Sell side notes the dovish approach and threatened use of FX interventions should keep EUR/PLN biased to the upside in the near-term, with 4.60 a key pivot point.
- Most rate cut bets for 1Q21 have been tentatively lifted, with QE being the policy tool of choice for supporting the economy.
- Rate cuts would only be used in the event of aggressive PLN appreciation or economic deterioration.
- Focus on core CPI today 1300GMT expected to print at 3.7% YoY & -0.1% MoM.
- Persistently high core figures & slim chance of an MPC majority are also core reasons for no further rate cuts.
- Res1: 4.5464, Res2: 4.5525, Sup1: 4.5414, Sup2: 4.5368