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USD/PLN Breaks Its Range Ahead Of Unemployment Data

POLAND
  • Local rates continue to bear steepen as 5Y & 10Y yields retrace gains made post-10 Nov on broad-based risk off.
  • 10Y yield pushed through yesterday's topside target at 1.24, but may run into resistance around 1.25-1.27.
  • USD/PLN appears to have broken its short-term range (3.79-3.75) to the downside but will need to close below 3.7473 to cement the move.
  • Focus shifts to unemployment data due 9am GMT expected to come in flat at 6.1% for Oct and at 3.2% QoQ vs 3.1% prior.
  • Cross remains vulnerable to EUR-side developments (EUR/USD now above 1.19) and EU Budget veto headlines.
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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