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Zloty On Defensive Amid Mixed Data

PLN

EUR/PLN trades +92 pips at 4.2830 and bulls look to force their way through the 50-EMA at 4.2912 before setting their sights on May 13 high of 4.3070. On the downside, the focus is on the 4.25 area.

  • Final GDP readings for Q1 were revised higher to +2.0% Y/Y and +0.5% Q/Q from the flash readings of +1.9% and +0.4% respectively. On the other hand, S&P Global Manufacturing PMI fell to 45.0, missing the consensus forecast of 47.2, weighed on by two long weekends in May.
  • Reminder that the National Bank of Poland (NBP) will announce its monetary policy decision on Wednesday
  • POLGB curve has bull flattened this morning; the WIG20 Index has added 0.9%.

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