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Zloty and T-bonds remain stable, ignore inflation data

January 15, 2013
Poland's zloty and T-bonds failed to react to the December inflation reading, which largely met expectations, and market attention will now focus on industrial output data as well as rate setters comments, local players told PAP. 

"Data on inflation were neutral for the market, as they were in line with consensus," BRE Bank FX dealer Marcin Turkiewicz told PAP. "The zloty stayed in the EUR/PLN range of 4.105-4.12 during the day."

Poland's December consumer prices were up 2.4% year on year and up by 0.1% month on month versus consensus expectations for 2.5% y/y, stats office GUS informed in a statement. Analysts surveyed by PAP expected monthly CPI to increase in December by 0.1%.

Investors will be focused on data on December industrial output and comments from MPC members, the dealer noted.

"Every comment from an MPC member may influence the market with regard to what may happen in monetary policy in the coming months," Turkiewicz believes.

Poland's stats office GUS will publish data on industrial output and PPI on Friday, January 18. Economists surveyed by PAP expect industrial output to have fallen 6.4% y/y and 10.2% m/m.

On the T-bond market prices stayed stable and market activity was low, with the inflation reading being neutral for Polish T-bonds, ING BSK head of FI trader Bartlomiej Wit told PAP.

"Data on inflation had no impact on the market, [as] it was practically in line with expectations of market participants," Wit said.

As on the FX market, investor attention will be focused on data on industrial output and comments from rate setters, the trader noted.

TuesdayTuesdayMonday
15.509.1515.45
   
EUR/PLN4,1174,1124,119
USD/PLN3,0893,0803,086
   
OK07143,383,383,38
PS04183,543,533,53
DS10233,963,953,88