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Zloty Remains On Back Foot After Release Of Flash Q4 GDP

PLN

EUR/PLN has added 42 pips to last change hands at 4.3431, approaching resistance from Feb 7 high of 4.3564. A break here would open the path to Jan 17 high of 4.4124. On the flip side, a dip through support area around Feb 1 low of 4.3069 would draw attention to Dec 13 low of 4.2935.

  • POLGB yields are 1.4-2.3bp lower across the curve. Note that Poland will offer OK0426, WZ1127, WS0429, WZ1129, DS0432 and DS1033 bonds at a switch auction today.
  • Flash data showed that Poland's GDP rose 1.0% Y/Y in the final quarter of 2023, which was just below the +1.1% consensus forecast. The seasonally adjusted sequential reading was flat, exceeding the -0.3% Q/Q consensus call.

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