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Zloty Reverses Earlier Losses, EUR/PLN Renews Cyclical Lows

PLN

EUR/PLN has now fully reversed its initial gains, sinking into negative territory. The rate changes hands -44 pips at PLN4.5561, its lowest point since the eve of Russia's invasion of Ukraine.

  • The Zloty fares better than the Czech Koruna, with PLN/CZK last seen +82 pips at CZK5.1393. Bulls need a break above May 2 high of CZK5.1665 to regain momentum and set the stage for a firmer rally.
  • Meanwhile, PLN/HUF sits at HUF81.54, a touch lower on the day. Losses past May 1 low of HUF80.74 would expose Apr 19/10 lows of HUF79.87/79.85. Bulls see Apr 25 high of HUF82.36 as their initial target.
  • There has been little in the way of fresh local headlines crossing the wires since our previous update, with participants preparing for tomorrow's NBP rate decision.

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