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Zloty Prints Session Lows As Corrective Pullback Continues

PLN

EUR/PLN has now clawed back the entirety of yesterday's gains as the market continues to correct the rate's recent sharp sell-off. The rate last sits +236 pips at PLN4.5109, hitting new session highs, while the RSI returns from oversold territory.

  • The zloty continues to correct its advance but a mix of bullish factors listed in our earlier bullets (sticky core CPI, strong Q1 GDP, prospects of more fiscal stimulus) remain in force.
  • PLN/CZK has shed 280 pips to last trade at CZK5.2475 but the broader uptrend remains intact, with bulls looking for a rebound towards Jun 30, 2022 high of CZK5.3188 & Jun 21, 2022 high of CZK5.3345.

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