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Zloty Weakens for a Second Day on German Manufacturing Data, Fed

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June 21 (Bloomberg) -- The Polish zloty weakened for a second day after the Federal Reserve cut U.S. growth estimates and a report showed German manufacturing probably shrank in June, curbing appetite for riskier emerging-market assets.

The zloty depreciated 0.2 percent to 4.2539 per euro as of 11:57 a.m. in Warsaw, paring this month’s gain to 3.2 percent.

Fed officials pared their estimate for economic growth in 2012 to 1.9 percent to 2.4 percent and extended stimulus known as Operation Twist. German manufacturing probably shrank for a fourth month in June, according to a purchasing managers’ index compiled by Markit Economics. The PMI fell to 44.7 from 45.2 in May. Germany is Poland’s biggest export market.

“Some disappointment with Fed meeting has sparked a moderate correction on the zloty,” Piotr Bujak, chief economist for Poland at Nordea Bank AB in Warsaw, wrote in an e-mailed note to clients.

Fourteen out of 17 currencies in eastern Europe retreated today, according to data compiled by Bloomberg.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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