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Zloty Unwinds Yesterday's Gains, NBP Rate Decision Eyed Wednesday

PLN

EUR/PLN ticks away from new cyclical lows printed this morning at PLN4.5567 and last changes hands +81 pips at PLN4.5686. The rate creeps higher, with the Zloty underperforming both of its CE3 peers. Technically, the general downtrend remains intact and a break above the 20-EMA (PLN4.6022) is needed to give bulls some reprieve. Bears see Feb 23, 2022 low of PLN4.5252 as their initial target.

  • POLGBs are firmer across the curve, last trade 2.6-6.3bp cheaper as belly outperforms. The WIG20 Index has shed ~0.6% so far.
  • The NBP will announce its monetary policy decision tomorrow. Policymakers are widely expected to leave interest rates unchanged. Click here to see our full preview of the decision.

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