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Zloty & T-bonds stable, not affected by CPI reading

November 14, 2012
The Polish zloty and Treasury bonds failed to see any impact of October CPI reading which met expectations and are trading stable with the zloty expected to trade in a EUR/PLN 4.16-4.19 range in the coming days, local players told PAP. 

"Wednesday was a very calm day for the zloty," ING BSK FX dealer Bartlomiej Rostek told PAP. "The zloty returned to the levels near 4.17 against the euro and in the coming days it could stay in the range of 4.16-4.19 against the euro."

"The CPI data were in line with expectations and failed to stir any movement," he added.

Poland's FI market was also not moved by October CPI reading as inflation hit 3.4%, in line with consensus, Kredyt Bank bond trader Witold Wozniak told PAP.

"The statement of rate setter Anna Zielinska-Glebocka on a potential single 50-bps rate cut caused some short-lived excitement on the market," he said, referring to the rate setter's comments for broadcaster TVN CNBC.

The market is waiting for more data: PPI, industrial output, with players waiting for a confirmation of the inflation decline and economic slowdown which would support a scenario of consecutive rate cuts, Wozniak also said adding that a stronger impulse would be needed such as a very weak industrial output reading.

"The debt market seems to have stopped and is consolidating, there are no serious reasons for profit taking," the trader also said.

Poland's October consumer prices were up 3.4% year on year and up by 0.4% month on month versus consensus expectations for 3.4% y/y, stats office GUS informed in a statement.