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Zloty Extends Losses Ahead Of NBP Meeting Next Week

PLN

EUR/PLN keeps pushing higher, even as its 50- & 200-DMAs formed a "death cross" a few days ago. The rate deals +198 pips at PLN4.7005 and should bulls force their way through Dec 6 high of PLN4.7220, the focus would turn to Nov 16 high of PLN4.7848. Conversely, the key near-term bearish target is provided by Dec 26 low of PLN4.6270.

  • POLGB yields sit 5.5-7.7bp lower across the steepened curve. Benchmark 10-year yield sits at 6.68%, operating within a well-defined range. Poland/Germany 10-year yield spread is at/near its cyclical narrows.
  • Continued rate stability is expected at the next NBP meeting on Jan 4. All 14 economists surveyed by Bloomberg so far are forecasting a stand-pat decision. Flash December CPI data will cross the wires the day after.

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