Zloty Shrugs Off Final Q4 GDP, Trades On Back Foot

EUR/PLN has given away some of its earlier gains but remains afloat, showing little reaction to Poland's final Q4 GDP data. The rate topped out at PLN4.7230 and last trades at PLN4.7184, up 38 pips on the session. Bears look for a resumption of losses towards key support from Feb 2 low of PLN4.6787, while bulls initially keep an eye on Feb 22 high of PLN4.7654.

• POLGB yields sit higher across the curve, with 10-year POLGB/Bund differential sitting just shy of 400bp. The WIG20 Index has added ~0.3% so far, extending yesterday's gains.
• Final data from the local statistics office confirmed that the economy shrank 2.4% Q/Q in the final quarter of 2022. The data was in line with preliminary estimates, causing little stir in the local markets.
• Constitutional Court chief said that the top judicial body started proceedings surrounding the review of key legislation needed to unlock EU recovery funds. The legislation could not be adopted if the top court rules that it breaches the constitution.