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 Gains Second Day on Bets Series of Polish Rate Cuts Ending

Don't Miss Out —
Follow us on:

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 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.