EUR/PLN traded with a bearish bias yesterday and remains heavy as we type, moving closer to the lower end of its recent trading range. The rate last deals -63 pips at 4.4261 and bears look for losses past Jul 4 low of 4.4138, followed by the 4.40 figure. On the flip side, bulls keep an eye on the 50-EMA at 4.4770.

• In their morning research notes, Pekao point to the zloty's "absolute insensitivity" to the recent USD appreciation, while ING write that yesterday "investors likely reduced activity in anticipation of tonight's Fed decision and tomorrow's ECB decision." Santander says that the PLN firmed on the back of "positive sentiment towards EM currencies."
• Polish FRAs have edged higher today, extending their move away from recent cyclical lows, albeit the space still prices an aggressive NBP easing scenario.