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Zloty Gains Second Day on Bets Series of Polish Rate Cuts Ending

Feb. 8 (Bloomberg) -- The zloty strengthened for a second day on speculation the Polish central bank is close to ending its cycle of interest-rate cuts.

Traders pushed the currency toward its highest level in a week as central bank Governor Marek Belka’s said on Feb. 6 policy makers will have to “reconsider what we’ve done so far” at next month’s meeting after four reductions since November. “All options are open,” he said on the same day. Investor expectations for further easing fell to their lowest level in almost eight months, according to interest-rate derivatives data compiled by Bloomberg.

“The switch to a more moderate bias toward further cuts in the coming months is helping support the zloty,” Jaroslaw Kosaty, an analyst at PKO Bank Polski SA, Poland’s biggest lender, said in an e-mailed note today.

The zloty gained 0.2 percent to 4.1649 per euro at 11:24 a.m. in Warsaw.

Twelve-month forward rate agreements traded 57 basis points below Warsaw Interbank Offered Rate, the smallest gap since June 20, according to data compiled by Bloomberg.

The yield on 10-year notes fell two basis points to 3.98 percent, paring this week’s increase to nine basis points.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at

To contact the editor responsible for this story: Wojciech Moskwa at

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