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Zloty Unfazed By ECB Monetary Policy Decision

PLN

EUR/PLN shows a muted reaction to the ECB monetary policy decision and the subsequent release of US economic data, both of which sent EUR/USD to its worst levels in more than three months. The rate last deals at 4.6254, close to unchanged levels, with PLN/HUF and PLN/CZK each sitting a touch higher on the day.

  • The ECB raised interest rates by 25bp, with market expectations divided between a hike and a hold. They signalled that rates may have reached a cyclical peak and "maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target". A press conference with President Lagarde is just getting underway.

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