Forex - Poland Flows: Zloty weakens slightly ahead of NBP rate decision


 08:26 (GMT) 11 Sep

  [Forex Flows]

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Poland Flows: Zloty weakens slightly ahead of NBP rate decision (0101-PDGV-C01)

The zloty weakened slightly at the beginning of Wednesday's session, with the EUR/PLN temporarily climbing to 4.3367. The NBP policy decision is due later today and we expect the reference rate to be held at 1.50%, in line with the unanimous consensus forecast. We also think that some MPC members may even suggest the possibility of further monetary easing as the global monetary environment is set to become more accommodative. Because of that and as we see the ECB easing monetary policy on Thursday less than priced in by the market, we think that the zloty will suffer further in the next few sessions with the EUR/PLN potentially breaching the 4.34 resistance level.


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