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Zloty Still On Defensive, POLGBs Consolidate Losses


EUR/PLN has ground higher and last changes hands at PLN4.7103, up 37 pips on the day, with familiar technical levels in play.

  • POLGB yields are generally higher, having stabilised at elevated levels. WIG20 remains heavy and sits ~1.3% lower on the day.
  • A weak estimated outturn for individual consumption in 4Q2022 will support the arguments of dovish NBP members, who call for interest-rate stabilisation for now. The market is pricing the start to the easing cycle as soon as this year, with some policymakers flagging the potential for such a scenario, even as others call rate-cut talk premature.

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