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Forex: EUR/PLN retreats from highs after NBP

The Polish zloty has depreciated to the key resistance at 4.20 on Wednesday, following the NBP decision to cut the lending benchmark for the fourth consecutive time by 25 bps to 3.75%, broadly in line with market consensus.

In the opinion of Marcin Budklewicz, Strategist at TD Securities, the next macro data in the upcoming weeks would be decisive in terms of the next steps in monetary policy by the central bank. “Still, we believe that the NBP should not ease further, as rates are approaching levels seen by some MPC members as the limits of the easing cycle”, concluded the expert.

At the moment, the cross is up 0.13% at 4.1831 with the next resistance at 4.2140 (high Jan.31) ahead of 4.2179 (high Sep.5 2012) and then 4.2215 (high Jul.24 2012).
On the flip side, a breach of 4.1600 (MA200d) would bring 4.1515 (MA21d) and finally 4.1350 (low Feb.4).

Forex Flash: NBP eases rate by 25bp, likely to stay unchanged at 3.75% in 2013 – TD Securities

As the central bank of Poland, the NBP, lowered the reference rate by 25bp to 3.75%, in line with unanimous market expectations and being the fourth consecutive rate cut in the current easing cycle, TD Securities analysts will be now focusing on the policy statement and press conference at 3pm GMT.
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Forex: EUR/USD extending downside

The EUR/USD was trading -0.46% lower on the day, at 1.3520, the lower band of the trading range seen during the European session after falling from just below 1.3600 on the Asian shift. However, after its fourth attempt to try a move lower, below 1.3520 intraday support, the pair is giving in and has already printed a low at 1.3507.
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