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Polish zloty is expected to weaken on further rate cuts expectations, T-bonds stable ahead of auction

January 22, 2013
Poland's zloty is expected to decline as a result of further rate cuts, may head towards EUR/PLN 4.20 in coming days, while T-bonds may continue calm trade ahead of a new 2Y benchmark auction on Wednesday, local players told PAP. 

"The zloty is more likely to weaken due to expectations for further rate cuts triggered by poor macroeconomic December data," BZ WBK FX dealer Robert Kesicki told PAP. "It has slightly rebounded this morning on the wave of positive global sentiment but it is more likely to weaken than strengthen in coming days."

The zloty is seen likely to move in EUR/PLN 4.14-4.18 range on Tuesday and may weaken towards EUR/PLN 4.20 in coming days, Kesicki added.

Polish T-bond market has so far failed to see much movement and no specific direction is apparent, traders said.

T-bonds may continue along calm lines on Tuesday ahead of the auction on new 2Y benchmark OK0715 and 5Y bond PS0418 slated for Wednesday, Bank Millennium analysts wrote in the morning research. The auction is seen as "an important test of interest in the Polish bonds after the beginning of the year brought a correction" of the earlier trend of yield declines, the report reads.

Poland will auction PLN 5-10 bln in OK0715/PS0418 bonds on Wednesday.