EUR/PLN has trimmed its earlier gains after topping out at PLN4.7219 and last changes hands at PLN4.7112, 52 pips above neutral levels. A further reduction of gains would shift focus to the downside, bringing Jan 4 low of PLN4.6573 into play.

• Data released earlier in the day provided evidence of slowing economic activity in Poland, with annual expansion in industrial output and retail sales cooling more than expected.
• Local-currency bonds have sold off and now trade 5.2-6.7bp cheaper across the curve, with 10-year yield returning above the 6% mark. Poland/Germany 10-year yield spread has widened a tad.
• WIG20 has added ~1.4% this morning as equity sentiment remains generally positive. Elsewhere in the region, Czechia's PX and Hungary's BUX also trade on the front foot, but underperform the Polish benchmark index.