Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Zloty Declines as Polish Data Seen Increasing Rate Cut Pressure

Dec. 17 (Bloomberg) -- The zloty weakened before data this week that’s expected to show Poland’s economic slowdown is deepening, adding pressure on the central bank to reduce borrowing costs further.

The zloty retreated 0.3 percent to 4.0921 per euro at 4:34 p.m. in Warsaw. The yield on notes maturing in October 2023 fell less than 1 basis point to 3.91 percent.

Polish corporate employment probably declined 0.2 percent from a year earlier in November, the statistics office will say tomorrow, according to the median estimate in a Bloomberg survey of 22 economists. Industrial output data, to be published in two days, slowed to its weakest pace in three months, according to the survey, as demand from the euro area weakened.

“The data out this week will confirm the economic growth is slowing,” Cezary Chrapek, a fixed-income and currency market analyst at Citigroup Inc., said in an e-mailed note to clients. “It will open the way for further rate cuts.”

The economy suffered its slowest pace of growth in more than three years last quarter, prompting the central bank to cut its main rate by a quarter point in each of the two last months. Forward-rate agreements signal trader bets for 105 basis points in further cuts over the next six months.

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

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.