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Zloty Jumps Most in Three Weeks on EU Deal for Spain, Italy

June 29 (Bloomberg) -- The Polish zloty rallied the most in three weeks, rebounding from two days of decline after European leaders reached an agreement that alleviated concern banks will fail.

The zloty jumped 1.5 percent to 4.2294 versus the euro as of 5:12 p.m. in Warsaw, its steepest appreciation since June 7. It had the second-biggest rally among emerging-market currencies in June to pare this quarter’s loss to 1.8 percent, according to data compiled by Bloomberg.

After talks ended at 4:30 a.m. in Brussels today, leaders of the 17 euro countries dropped requirements that taxpayers get preferred creditor status on aid to Spain’s banks and opened the way to recapitalize lenders directly. Euro area is Poland’s biggest trading partner.

“The zloty is gaining on the back of euphoria following the summit in Brussels,” Bank Pekao SA analysts in Warsaw wrote in an e-mailed note to clients.

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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