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Zloty On Back Foot, NBP Rate Decision Eyed Tomorrow

PLN

EUR/PLN has advanced and last deals at 4.2943, up 205 pips on the day, piercing the 50-EMA at 4.2910. The next target on the topside is 4.3070, the high print of May 13. Bears continue to see the 4.25 area as their initial target.

  • POLGBs have retraced initial gains, swinging into negative territory. The WIG20 Index has shed 2.2%, hitting its worst levels since late April.
  • The NBP is widely expected to stand pat on rates tomorrow (click here to see our preview). Governor Adam Glapinski will hold his press conference the following day, around the same time as ECB President Christine Lagarde. The Eurozone's central bank is widely expected to deliver its first rate cut since 2019.

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