Zloty Appreciates After Biggest Weekly Decline in Three Months
The Polish zloty advanced, rebounding after its biggest weekly decline in almost three months, amid speculation policy makers will take steps to support economies worldwide.
The zloty appreciated 0.4 percent to 4.0771 per euro as of 1:32 p.m. in Warsaw for the second-steepest gain among more than 20 emerging-market currencies tracked by Bloomberg. It lost 0.6 percent last week, the steepest weekly drop since the period ended June 1.
European Central Bank President Mario Draghi may provide further hints on policy when he speaks at the U.S. Federal Reserve’s annual symposium in Jackson Hole, Wyoming, on Sept. 1. Fed Bank of Chicago President Charles Evans urged the central bank to begin a third round of bond purchases in a speech in Hong Kong today. China’s Premier Wen Jiabao called for extra measures to support exports and help meet economic targets, Xinhua News Agency said Aug. 25.
“The zloty may appreciate in the first half of the week toward” 4.05 per euro “supported by expectations for more actions from the ECB and the Fed,” Grzegorz Maliszewski, chief economist at Bank Millennium SA in Warsaw, wrote in a note to clients today.
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