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Zloty Slightly Firmer, Focus Falls On Major Central Banks This Week

PLN

EUR/PLN is slightly weaker today, despite disappointing French & German PMI outturns. The rate last deals -165 pips at 4.4519, operating within a well defined range. Bears look for a breach of Jul 4 low of 4.4138, while bulls keep an eye on the 50-EMA, which kicks in at 4.4811.

  • USD/PLN consolidates above the 4.00 mark after returning above that psychologically significant level towards the back end of last week. The rate last sits +69 pips at 4.0170
  • POLGBs trade 3.9-4.3bp richer across the curve. The Finance Ministry sold PLN8bn worth of bonds at an auction on Friday, attracting strong demand (PLN12.6bn).
  • The NBP will publish June money supply data at 13:00BST/14:00CEST. Later this week, June unemployment data is due tomorrow.
  • Otherwise, the upcoming monetary policy decisions from the Fed and the ECB will be closely watched.

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