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Polish zloty awaits ECB conference, T-bonds weaken slightly

January 25, 2013
Polish zloty opens only slightly stronger waiting for the ECB conference on the amount of the first tranche of the LTRO to be paid back by banks to the ECB, while T-bonds edged down slightly on investors' skepticism about the sustainability of current yield levels, local players told PAP. 

"The markets are waiting for the 12:00 CET conference of the ECB on the amount of the first EUR 500 bln LTRO tranche to be paid back by banks," Millennium Bank FX dealer Przemyslaw Winiarczyk told PAP. "Expectations are for EUR 75-100 bln: if it is a higher amount, this may mean an improvement of the bank's situation and Poland might benefit from improved sentiment."

By the same token, announcing the payback of less than EUR 75 bln could damage market sentiment, the dealer noted, adding that the markets will also be watching the publication of the German IFO business sentiment index.

On Friday morning the zloty is trading at 4.1820 against the euro and "if it fails to break the 4.1750 EUR/PLN support, it may test the psychological level of 4.20," according to the dealer.

T-bonds weakend slightly Friday morning as some investors consider the prices to be elevated, BNP Paribas Bank Polska bond portfolio manager Blazej Wajszczuk told PAP.

"The market is weaker than at yesterday's close," Wajszczuk said. "The yields achieved at the recent auction assume a too optimistic scenario concerning rate cuts. Despite expected rate cuts in February and March, the price is still too high."

According to Wajszczuk, the current low yields are risky so some entities want to sell at current prices.

FriThuThu
9.3315.509.15
   
EUR/PLN4,1824,1874,182
USD/PLN3,1183,1383,146
   
OK07143,203,193,15
PS04183,373,353,36
DS10233,823,803,78