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Duda Ratchets Up Pressure on Budapest, Criticizing Orban Approach

POLAND
  • Poland is yet to reach an agreement on unblocking its EU recovery funds by Brussels, with recent declarations by some local officials regarding the matter proving overly optimistic, according to sources in the Dziennik Gazeta Prawna.
  • Following his meeting with POTUS over the weekend, Polish President Duda has criticised Hungary's approach to the Ukraine crisis, flagging Hungary's dependence on Russian oil & gas for prompting a wary approach from Orban. Duda warned “This policy will be costly for Hungary, very costly.”
  • Weekend press (notably Rzeczpspolita) has written that Duda has built his leadership standing well throughout the Ukraine crisis, taking an active role and being responsible for strategically important relations with the US. Poland continues to press for further restrictions on Russian trade, suggesting a ban on Russian oil & gas imports into the EU - but Germany, Austria and Hungary remain opposed.
  • Later today, at 3pm local (1400BST), President Duda hosts a National Security Meeting, with the Ukraine crisis likely the focus.
  • A short-term bearish threat remains present in EURPLN following the recent sharp sell-off from 5.0019, Mar 7 high. Attention is on the the 50-day EMA at 4.6664 and just above 4.6570, the Mar 16 low. These levels highlight a key support area and a break would signal scope for a deeper pullback towards 4.600. Initial firm resistance is seen at 4.8572, the Mar 10 high.
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