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Zloty Slips From 5-Month High as Investors Await ECB Decision

Aug. 2 (Bloomberg) -- The Polish zloty slipped from its strongest level against the euro in five months as investors awaited a policy announcement by the European Central Bank.

The zloty weakened less than 0.1 percent to 4.1062 per euro as of 12:25 p.m. in Warsaw. It advanced 2.6 percent last month and closed yesterday at the highest since March 9.

ECB policy makers are meeting today for the first time since President Mario Draghi pledged to do whatever is needed to protect the euro. Europe’s common currency strengthened against most of its 16 major counterparts today.

“Any disappointment may lead to a correction” in the zloty, Rafal Benecki and Grzegorz Ogonek, economists at ING Bank Slaski SA in Warsaw, wrote in a note to clients. “If ECB plans are taken positively,” the zloty may gain to 4.08 per euro, they said.

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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