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Zloty Remains On Front Foot After Printing Best Levels Since Jun '22

PLN

EUR/PLN bottomed out at PLN4.6158, its lowest point since mid-June 2022, before ticking away from there. The pair changes hands -85 pips at PLN4.6245 as we type, with familiar technical levels still in play.

  • POLGBs are firmer across the curve, with 2-year/10-year yield differential shrinking to a thin margin again, which raises the risk that this segment might return to inverted territory for the first time since mid-February.
  • Local equity markets have been resilient, with benchmark WIG20 Index still sitting ~1.8% above neutral levels, despite moving away from a session high printed at 1,911.

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