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Zloty Strengthens Despite Weak Local Data

PLN

EUR/PLN went offered into the European morning, with broad-based greenback weakness aiding European growth proxies. The zloty outperforms its CE3 peers (PLN/CZK +0.1%; PLN/HUF +0.1%), with EUR/PLN last seen -110 pips at 4.4653. From a technical perspective, bears keep an eye on Jul 31 low of 4.3986. On the flip side, bulls look for gains past Jul 6 high of 4.5040.

  • POLGBs have firmed across the curve and last trade 1.9-4.0bp richer. The WIG20 Index is marginally higher on the day.
  • Poland's retail sales and construction output data missed expectations, adding to this week's round of disappointing releases.
  • Looking ahead, the NBP will release the minutes of its July monetary policy meeting tomorrow, while unemployment data will be out on Thursday.

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