Poland issues alert saying Polish aviation has been activated due to Russian air attacks on Ukraine

Markets have learned to distinguish routine air policing and airspace monitoring from the events that actually reprice risk: munitions crossing into NATO territory, casualties on alliance soil, or an Article 4 or Article 5 invocation. Episodes of this kind have tended to produce a brief, shallow haven bid in gold, the dollar, and the front of the European rates complex, fading within the session absent confirmation of a border incident. The channels that matter if the situation deteriorates are European gas and power, given the concentration of remaining transit and infrastructure risk, and the euro against the dollar and franc, where proximity to the theatre has historically been the differentiator within G10. The tells worth noting are any Polish or NATO official statement attributing debris or airspace violation, the tempo of follow-on alerts, and whether energy infrastructure in western Ukraine was among the targets. As it stands this is a headline class that has repeatedly proven to be noise rather than signal.