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USDPLN Breaks Below Its 23.6% Fibo Support

  • Significantly ‘oversold’ PLN has been consolidating strongly in the past week, with USDPLN breaking below its 4.0725 support, which corresponds to the 23.6% Fibo retracement of the 3.6170 – 4.2130 range.
  • Market has been pricing in a more aggressive (i.e. 75bps) hike for next week’s meeting (December 8) following the positive surprise in inflation yesterday (+7.7% YoY vs. 7.3% exp.), therefore supporting the Polish zloty.
  • Next support to watch on the downside stands at 4.0370, followed by 4.0110 (50DMA).

Source: Bloomberg/MNI

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