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Poland's zloty and T-bonds fixed on Wed. auction results

January 22, 2013
Poland's zloty and T-bonds will focus on the Wednesday auction of PLN 6-9 bln in two- and five-year papers, with the zloty expected to test EUR/PLN 4.11-4.13 levels if the auction proves successful, local players told PAP. 

"It seems that the FX market will focus on the Wednesday auction of T-bonds," ING BSK FX dealer Karol Zaluski told PAP. "If the auction is successful, the zloty could appreciate and test 4.11-4.13 to the euro."

Poland will auction PLN 6-9 bln in 2Y and 5Y papers on Wednesday.

On Thursday, the market will look to the remainder of December macroeconomic data to be published by stats office GUS, Zaluski said.

"Weak data are already priced in, so the actual readings would need to diverge from the consensus significantly to trigger a market reaction," he said. "But that cannot be ruled out. If it happened, the zloty could fall to the level of 4.20-4.22 against the euro."

The list of Thursday releases includes retail sales and unemployment.

The debt market will also be shaped by the Wednesday auction, BGZ bond trader Piotr Koluda told PAP.

"It is clearly visible that the market is waiting for the Wednesday auction," Koluda said. "Today's trade was very stable with insignificant changes. The auction may set the market at least for the next week, and more likely up to the Fed sitting slated for January 31."

TuesdayTuesdayMonday
15.559.3516.10
   
EUR/PLN4,1764,1694,169
USD/PLN3,1333,1243,132
   
OK07143,303,303,30
PS04183,503,533,53
DS10233,933,933,93