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Zloty Garners More Strength, Unemployment Ticks Lower


EUR/PLN continues to lose altitude, building on yesterday's losses registered despite weak EZ PMI data. The rate last changes hands -148 pips at 4.4361, with bears eyeing support from Jul 4 low of 4.4138, followed by the 4.40 figure. On the flip side, bulls look for gains towards the 50-EMA at 4.4793.

  • NBP hawk Joanna Tyrowicz reiterated her call on colleagues from the rate-setting panel not to loosen monetary conditions anytime soon. The policymaker wrote in a LinkedIn post that there is no scope for cutting rates, while the inflation target is becoming more distant.
  • Poland's unemployment rate slipped to 5.0% in June from 5.1% prior, matching expectations. BOS Bank write that the slowdown in economic activity this year is unlikely to outweigh structural factors and they expect the jobless rate to remain stable, rising slightly to around 5.2% at the end of this year.
  • The YtD budget deficit narrowed to PLN12.7bn in June due to a monthly surplus of PLN8.2bn, which came on the back of stronger revenue, particularly a record-breaking corporate tax revenue.

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