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Zloty Little Changed, POLGBs Gain Across Curve

PLN

EUR/PLN is little changed on the day after a two-day rally towards the back end of last week. The rate last deals at PLN4.7079, with bulls looking for further gains towards Feb 22 high of PLN4.7654. Conversely, bears need losses past Mar 1 low of PLN4.6620 before setting their sights on Dec 26/Jun 21 lows of PLN4.6270/62.

  • POLGBs have strengthened across the curve and last trade 7.6-11.7bp richer, with some flattening impetus evident. The WIG20 index has added ~1.2% this morning, testing its 50-DMA at typing.
  • All eyes are on the NBP this week. The rate-setting panel will conclude its two-day meeting on Wednesday and is set to publish new economic forecasts. The projections will likely steal the limelight, with rates expected to stay unchanged.

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