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Zloty Oscillates Around Neutral Levels

PLN

EUR/PLN operates at 4.2859, little changed on the day, stabilising after Friday's upswing. Bulls see the 50-EMA at 4.3067 as their initial target, followed by Feb 7 high of 4.3564. Meanwhile, bears look for renewed losses past the area near Apr 9 low of 4.2527 and the 4.25 figure.

  • EU Funds Minister Katarzyna Pelczynska-Nalecz said that Poland has just received almost PLN27bn from the EU post-COVID recovery fund, the largest single transfer in the history of its membership. Her deputy Jan Szyszko said that Poland is working on law changes to avoid unnecessary conversions of euro-denominated funds into zlotys.
  • Statistics Poland revised March inflation reading to +2.0% Y/Y from +1.9% Y/Y, with local sell-side desks noting that core inflation likely fell to around +4.6% Y/Y (official data will be published by the NBP tomorrow). Headline is widely expected to rebound from here, with services price growth still running hot.
  • POLGBs are higher across the curve, with the longer end underperforming. The WIG20 Index has added 0.6% after two days of losses.
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