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Zloty Keeps Close To Neutral Levels Ahead Of Data-Heavy Week

PLN

The zloty and POLGBs are close to neutral levels in a quiet start to the week. EUR/PLN last changes hands at 4.4517 as bears continue to look for a dip through 4.4138, which supported price action on Jul 4. Bulls keep an eye on the 50-EMA/round figure at 4.4871/4.5000, followed by Jul 6 high of 4.5040.

  • NBP's Iwona Duda said that if there is evidence of a strong, long-term downtrend in inflation, the MPC will have arguments to begin discussing rate cuts, possibly as soon as after the summer holidays.
  • Core inflation is expected to print at +11.1% Y/Y when it hits the wires at 13:00BST/14:00CEST. This will be followed by a suite of Polish economic activity indicators due for release towards the end of this week.

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