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Zloty Tad Weaker Ahead Of NBP Presser

PLN

EUR/PLN has added 44 pips thus far and last operates at PLN4.6864, staying well within yesterday's range, as NBP matters remain front and centre. Bulls would be pleased by a rally towards Feb 22 high of PLN4.7654, while bears eye initial support from Mar 1 low of PLN4.6620.

  • POLGB curve has bear steepened at the margin, with yields last seen 1.5-4.1bp above neutral levels. Local equity benchmark WIG20 has shed ~1% as European stock markets underperform.
  • NBP Governor Adam Glapinski will hold a press conference in the afternoon (15:00CET/14:00GMT) after the central bank left interest rates unchanged yesterday.
  • Looking further afield, the NBP will publish its inflation report and minutes of the previous monetary policy meeting tomorrow.

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