Majority of Central European currencies weakened on fears of monetary tightening in the US and stronger US dollar. Regarding EUR/CZK, negative correlation with EUR/USD has been strengthening again after it had nearly evaporated during the first month and a half of 2013. The single one regional winner was the Polish zloty supported by an improved Polish rating outlook. Fitch raised their rating outlook for Poland from stable to positive and affirmed the current A- rating. Fitch also said that Poland was a European star performer in terms of fiscal discipline. In addition to the rating outlook change, zloty´s exchange rate was positively affected by a neutral comment of an important swing voter on the NBP Board. Jerzy Hausner. Hausner believes that the NBP should consider ending of the cutting cycle as excessive rate cuts could lead to steep rate hikes later in the course of economic recovery. The statement supports our view of interest rate stability in the 6-month horizon. Nevertheless, a deeper than expected fall in inflation still can shift balance in the Board in favour of doves at the March monetary policy meeting, despite continuous improvement of leading indicators and solid January growth of industrial output.