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Zloty Little Changed, POLGB Yields Rise

PLN

EUR/PLN oscillates around unchanged levels, last changing hands -22 pips at PLN4.7084. Should the rate decline past Jan 4 low of PLN4.6573, bears could set their sights on Dec 26/Jun 21 lows of PLN4.6270/62. Conversely, a clearance of Jan 19 high of PLN4.7453 would give bulls a green light for targeting Nov 16 high of PLN4.7848.

  • POLGB yields have extended the correction of their declines from the beginning of the year, with benchmark 10-year yield returning above the 6% mark. The 2-year/10-year segment has returned from inverted territory, albeit 2-year/5-year spread remains negative. The space may experience some perturbations on the release of February bond auction details by the Ministry of Finance and national development bank BGK.
  • There are no major Polish data releases slated for today, with S&P Global M'fing PMI coming up tomorrow.
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