Poland's zloty enjoys morning gains, T-bonds await rate council's decision & comments
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The Polish zloty is opening quite positively and is gaining some PLN 0.03 on Monday morning, while the T-bond market is awaiting rate council's decision and comments on rates, local players told PAP Monday morning. "The zloty sees a major move on Monday morning and has strengthened by about PLN 0.03 since 8 a.m. [local time]," BPH bank FX dealer Marek Cherubin told PAP. "The reason for the zloty appreciation is difficult to pinpoint, there is likely some flow going through the market," the dealer said adding that the tendency was apparent already last week. T-bond market is expected to remain relatively calm by the time of the Monetary Policy Council's decision on rates and comments following it, Millennium bond trader Krzysztof Szczerbinski told PAP. "The market opens at Friday's close levels and should remain relatively calm till the MPC's decision on rates and comments that follow it," Szczerbinski said. The market is pricing in 25 bps interest rate cut in February and further monetary easing, the trader admitted stressing that the prices will depend on the MPC comments. Poland's MPC will convene on February 5-6 with economists surveyed by PAP unanimously expecting a 25-bps cut.
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