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Zloty Reverses Earlier Gains, POLGB Yields Ease

PLN

EUR/PLN has moved away from its earlier lows and is back to positive territory, last trading +70 pips at PLN4.4425. Further gains past the 20-EMA at PLN4.4648 are needed to suggest that bulls are taking control.

  • There has been little in the way of fresh domestic news flow since our morning update. Local interest rates remain under pressure, with POLGBs extending their earlier gains. This comes alongside a downshift in Polish FRA curve, with 6x9 tenor hitting new cyclical lows.
  • Prime Minister Mateusz Morawiecki attends a V4 summit in Bratislava. He told reporters that Poland "will not agree to any contingents, quotas or allocations of migrants" at the EU level.

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