POLAND: Top NBP Officials Stand By Official Line On Monetary Policy

Gilts little changed with Bunds and Tsys off lows ahead of the UK open.

• Core global FI came under pressure in Asia on the back of increased odds of U.S. tax cuts.
• M5 futures -6 at 93.17, narrow 93.12-24 range to start.
• Initial resistance at the Feb 13 high (93.39), with the bullish technical theme intact in the contract.
• Roll completion stands at ~85% ahead of tomorrow’s first notice for H5.
• Yields little changed to 1bp lower across the curve.
• Little of note on the UK data calendar today,
• BoE dove Dhingra will speak on “Trade fragmentation and monetary policy” from 16:30 GMT, don’t expect a change in tone after she reaffirmed her dovish stance earlier in the week (pushing back against the idea of gradual cuts given her view on consumption).

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 and the bull trigger
• RES 2: $34.000 - Round number resistance  
• RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg                                
• PRICE: $31.752 @ 08:14 GMT Feb 26   
• SUP 1: $31.290 - Low Feb 25         
• SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27 
• SUP 3: $28.748 - Low Dec 19 and bear trigger
• SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Silver traded sharply lower Tuesday and in the process breached the 20-day EMA and pierced $31.396, the 50-day EMA. The move down - for now - appears corrective, however, a clear break of the 50-day average, would signal scope for a deeper retracement. This would open $30.691, the Feb 3 low. On the upside, the short-term bull trigger has been defined at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend.

ERM5 97.62/97.75cs sold at 9.75 in 6.25k.