The barriers has been taken out, marketmakers are scrambling to cover their short gamma. Polish corporates scrambling to cover everything. Market is still awaiting the national regulator estimate of the Polish corporate Fx Structures related losses. Whatever the number they release, suspicions are it will be too low.
Being December and all, will we see 4.20 before year end? Currently at 4.05, it would not seem impossible. I am staying long Eur/Pln.
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