EUR/PLN changes hands -131 pips at PLN4.7030 after giving away its initial gains, which took the pair to a new two-month high of PLN4.7453. Should the rate resume gains, bulls could take aim at key resistance from Nov 16 high of PLN4.7848. On the flip side, losses past Jan 4 low of PLN4.6573 would bring Dec 26/Jun 21 lows of PLN4.6270/62.

• Wednesday's slump in POLGB yields has been mostly unwound this morning, with local-currency bonds last trading 12.2-14.5bp cheaper as we type. Benchmark 10-year yield is approaching the 6% mark, albeit the formation of a death cross points to the potential for renewed downside pressure. The spread between yields on 10-year POLGBs and Bunds has widened a tad.
• Consumer confidence in Poland improved to a nine-month high of -38.1 this month from -41.9 prior, exceeding the -40.8 median estimate in a Bloomberg survey. According to mBank analysts, pessimism could fade going forward, especially if inflation and higher energy costs ease.