Zloty Advances For Third Consecutive Session, Poland's Current Account Surplus Grows

EUR/PLN holds onto the bulk of its earlier losses and last changes hands -134 pips at PLN4.6384, after bottoming out at PLN4.6306. This keeps bears on the lookout for an attack at Dec 26 low of PLN4.6270.

• POLGBs sit marginally above neutral levels, last 0.3-2.4bp richer across the curve. The WIG20 Index has added ~1.5%, printing new cyclical highs in the process.
• Poland's Constitutional Tribunal scheduled a hearing on key court law for May 30 but media reports suggest that the decision was taken at a meeting where six out of fifteen judges were absent, at least five of them due to a deliberate boycott. The Tribunal can only issue a ruling if 11 judges are present, which suggests that the judicial body may struggle to meet the quorum.
• Current account surplus widened to EUR2.586bn from the revised EUR2.133bn prior, beating the EUR214mn consensus forecast.