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Zloty Maintains Firmer Tone, C/A Data On Tap

PLN

EUR/PLN breached key layers of support from the 76.4% retracement of the Dec 26 - Feb 14 rally/Mar 1 low at PLN4.6675/4.6620 and Jan 4 low of PLN4.6573 yesterday and remains heavy. The rate last deals -11 pips at PLN4.6506, with bears looking for further sales towards Dec 26 low of PLN4.6270. Conversely, bulls need to retake Mar 20 high of PLN4.7215 to regain poise.

  • POLGB curve has bear steepened at the margin, with yields last seen 0.5-39bp higher. The 2-year/10-year spread has widened to almost 10bp, its best level since March 17.
  • Local equity benchmark WIG20 has added ~0.20% this morning after refreshing one-month highs.
  • Poland's current account surplus may have contracted to EUR214mn n February from EUR1.429bn prior, according to a Bloomberg poll. The data will be published at 13:00BST/14:00CEST.

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