Recent zloty weakening is believed to be temporary
Profit taking and a slump on major international bourses hit the Polish zloty, which returned above PLN/USD 4.00. The zloty traded at PLN/USD 4.08 and at PLN/EUR 3.75, after loosing 5 groszes against the euro. However, the zloty's weakening is believed to be just temporary, as investors would surely return to the market, attracted by the high yields. The expected positive inflation figures due on Thursday would suggest further interest rates cuts and would give another boost to the currency. The zloty's recent strength drew critical comments from economists and exporters, though. Yesterday, Economy Minister Janusz Steinhoff said the zloty's high exchange rate was not good for Polish exports. bb, kp
Źródło:IntelliNews Daily
