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Zloty Extends Gains, Outperforms CE3 Peers With NBP Statement Eyed

PLN

Sharp sell-off in EUR/PLN continued after the NBP kept interest rates unchanged (the outcome was universally expected), with the rate heading towards the PLN4.50 mark after breaching support from Feb 23, 2022 low of PLN4.5252.

  • The rate last changes hands -325 pips at PLN4.5205, intraday low was PLN4.5165. Coming up next we have Feb 10/16, 2022 lows of PLN4.4828/26.
  • POLGBs hold earlier gains, yields sit 1.7-3.6bp lower across the curve. Local equity benchmark WIG20 has added ~0.8%.
  • Poland's central bank said that it will publish the statement after its monetary policy meeting at the top of the hour. Governor Adam Glapinski will hold a press conference to explain the decision tomorrow at 14:00BST/15:00CEST.

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