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Zloty stable ahead of US election & MPC decision, T-bonds strong amidst good global sentiment

November 6, 2012
The Polish zloty is seen trading stable and calm as the market is waiting for the results of presidential election in the US as well as the MPC sitting concluding Wednesday, while T-bonds remain on record levels and the positive trend is unlikely to be significantly moved even by the rate-setters who are expected to cut rates, local players told PAP. 

"The zloty opened at EUR/PLN 4.12, which is around Monday's levels, and I think it will stay stable for now," Kredyt Bank FX dealer Robert Kesicki told PAP. "The market is waiting for the result of the election in the US and a potential move on the EUR/USD as well as the decision of Poland's MPC with commentaries thereafter."

Until then, the zloty could trade in a range of EUR/PLN 4.11-4.14, the dealer expects.

Also Polish Treasuries are opening little changed from Monday and continue to enjoy record levels amidst very good global sentiment, BNP Paribas Bank Polska bond portfolio manager Blazej Wajszczuk told PAP.

"Today there is the election in the US, which brings a lot of uncertainty . . . but Poland moves in line with the very strong global trend and I do not think something could change in this respect," Wajszczuk said.

Even the MPC's decision is unlikely to have any significant impact on the market as neither the decision, nor the rate-setters' comments should be a surprise, the manager expects.

Analysts surveyed by PAP unanimously expect a 25 bp rate cut on Wednesday.