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Zloty Marginally Softer Ahead Of Glapinski Presser

PLN

EUR/PLN trades at PLN4.7425, marginally above neutral levels, with the market awaiting NBP Governor Adam Glapinski's press conference after the MPC decided to keep interest rates unchanged yesterday.

  • From a technical standpoint, a clearance of Feb 7 high of PLN4.7765 would give bulls a green light for targeting Nov 16 high of PLN4.7848. Conversely, bears initially look for a pullback under Feb 2 low of PLN4.6787.
  • POLGB curve has bull flattened, with yields sitting near session lows as we type. The Finance Ministry said that Poland is planning another USD bond offering later this year, following this week's $3.5bn sale.
  • The WIG20 index has added ~1.3% this morning, advancing for the third consecutive day, as risk sentiment remains positive.
  • Worth noting that the NBP will publish the minutes from its January monetary policy review on Friday.

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