The zloty strengthens as no interest rate cuts are expected any time soonThe zloty strengthened again against the dollar to PLN/USD 4.5025 and against the euro to PLN/EUR 3.99, thanks to announcements of NBP president Hanna Gronkiewicz-Waltz and the Monetary Policy Council member Boguslaw Grabowski, that the market should not expect a cut in basic interest rates in the near future. Another reason might be that France Telecom and Kulczyk Holding have been buying zloty to pay for the stake in TPSA. This also might mean that strengthening of the zloty will continue next week. However, the most crucial for the currency market will be data concerning Poland's current account deficit in August, which are scheduled to be published on Monday. The market expects a USD 600mn-USD 800mn deficit, as compared with USD 676mn reported in July. Dealers also watch closely the euro referendum in Denmark, which may end with another intervention of ECB.
Źródło: IntelliNews Daily