Zloty Returns From Three-Week High, POLGBs Trim Initial Losses

EUR/PLN slit to a three-week low this morning after its 100-DMA crossed below the 200-DMA towards the end of last week. The pair has now unwound those initial losses and sits +12 pips at PLN4.7207. A sell-off past Feb 2 low of PLN4.6787 would suggest that bears are gaining the upper hand, while bulls look for a rebound towards Feb 14 high of PLN4.7987.

• POLGB yields remain higher across the curve, albeit they have eased off best levels of the session. The WIG20 index sits marginally above neutral levels.
• President Andrzej Duda said he had to trigger a constitutional review of a court bill which the government says would help Poland secure access to more than EUR35bn in EU recovery funds due to his doubts over the legislation's compliance with Poland's fundamental law. He advised the government not to stake the election campaign on unlocking the funds, accusing the European Commission of trying to influence Poland's legal order.
• The final readings of Poland's Q4 GDP will be published tomorrow morning.