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Zloty rebounds, T-bonds should remain strong until end-week

November 15, 2012
The Polish zloty appreciated on Thursday and may continue its rebound during the Friday session while T-bonds should stay stable at strong levels until the end of the week, local players told PAP. 

"The zloty gained slightly throughout the day, but it is difficult to point unequivocally to the reason of the appreciation," BNP Paribas FX dealer Jan Koprowski told PAP. "One might say that it is a correction of the depreciation from the beginning of the week."

On the foreign market one might see a slight strengthening of the euro to the dollar.

Zloty appreciation was not due to the Wednesday inflation reading, the dealer also said.

Until end-week there is "no room for significant changes in the zloty exchange rate," according to the dealer said.

On the T-bonds market, Thursday was a calm session except for a slight sell-off on the long end after US-based traders entered the market, Millennium Bank FI trader Krzysztof Szczerbinski told PAP.

"The market is showing its strength and one needs a strong impulse to move it," Szczerbinski said.

Friday quotations "should not undergo significant changes" and the "session should be calm," according the trader.

Next week, the publication of a set of macro data may be important for the market, with "weaker data potentially increasing expectations for interest rate cuts, which would surely be reflected on the bond market," Szczerbinski said.

The level of investor risk-appetite will also be crucial, and it remains to be seen whether "investors will hold their positions or will proceed to the phase of profit taking," the trader concluded.

Poland's stats office GUS will announce data on Poland's corporate wages, employment and industrial output next week.