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Zloty gains halted, T-bonds wait for industrial output data

November 20, 2012
The Polish zloty saw its gains halted, likely by France's rating downgrade, while T-bonds are opening unchanged from Monday's close with the market awaiting industrial output reading, local players told PAP. 

The zloty's appreciation was somewhat halted, possibly partly due to the downgrade of France's rating by Moody's: "a slight correction on the EUR/USD followed immediately and the gains of the zloty were stopped," Kredyt Bank FX dealer Robert Kesicki told PAP.

Currently, the FX market is expecting the publication of industrial output reading slated for 14 local time.

"The reading, if significantly different from the consensus, may constitute an impulse for the MPC's decision, so some move on the zloty may be apparent after the data publication and commentaries," Kesicki said.

Also the Polish T-bonds are waiting for industrial output reading, PKO BP bond trader Marek Kaczor told PAP.

"The levels are now the same as on Monday's closing and everyone is waiting for industrial output data," Kaczor said. "If anything is to move the market today, it will be this reading."

Poland's industrial output is expected to have risen by 1.8% y/y in October after a 5.2% annual decline in September, according to analysts surveyed by PAP.