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Zloty Fluctuates Ahead Of NBP Announcement

PLN

EUR/PLN moved through the 4.5000 mark and Jul 6 high of 4.5040 before trimming those initial gains. The rate last changes hands at 4.4993, 67 pips above neutral levels. A sustained break above 4.5040 would signal the scope for continued short-term recovery.

  • USD/PLN deals at 4.1895, little changed on the day, after bulls failed to force a durable break above the 4.2000 figure. Should they succeed, they could take aim at 4.2644, which capped gains on May 31.
  • PLN/CZK sits at 5.3819, down 20 pips on the day. The initial layer of support is provided by Aug 18 low of 5.3558. Meanwhile, PLN/HUF trades at 86.32, marginally higher on the day, with bulls looking for gains past Aug 21 high of 87.07.
  • POLGBs have unwound their initial losses, with spillover from core markets lending some support. The yield curve runs slightly steeper as we type.
  • The focus turns to the NBP monetary policy decision, which will be announced later today, ahead of Governor Glapinski's presser tomorrow. Click here to see our preview.

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