January 02, 2013 | Cbonds
|Poland's zloty opens stronger on Wednesday on US averting the fiscal cliff and should remain at 4.05-4.10 levels until the end of the week, while T-bonds open relatively flat and are seen trading with a view to next week's MPC decision and global sentiment, local players told PAP Wednesday morning. |
"The zloty open stronger by some PLN 0.01 against the euro and PLN 0.02 against the US dollar," BPH Bank FX dealer Marek Cherubin told PAP. "The situation in the US spurred optimism into the emerging and core markets."
Positive sentiment should persist in the first week of 2013 and no factors weakening the zloty are visible at the moment, but the upcoming sitting of the Monetary Policy Council will bring back speculation of a rate cut deeper than 25 bps and may constitute a cue for profit-taking on the zloty, the trader added.
"The zloty should remain in the EUR/PLN 4.05-4.10 range by the end of the week," Cherubin concluded.
Polish bonds open flat to Friday close and are expected to be under the spell of next week's rate council's decision, a local player told PAP.
"The bonds are opening flat to Friday close," PKO BP bond trader Marek Kaczor told PAP. "The market will be under the inlfuence of next week's Monetary Policy Council (MPC) decision and the statements from its members."
According to Kaczor, the market is also likely to be affected by global sentiment shaped by the US fiscal agreement.
"This has already affected the American markets, ours not yet," Kaczor said.