January 02, 2014 | Cbonds
Poland's zloty and Treasury bonds weakened during the first session of the year amidst sleepy trading following the holiday period, but a clearer trend for the markets will likely become apparent next week, local players told PAP.
T-bonds weakened, mainly on the long end, on what traders see as profit-taking, but "demand should exceed supply on the market soon," mBank debt trader Andrzej Bowtruczuk told PAP.
"The decline in prices results from profit-taking, because we ended the year on quite high levels and now portfolios are revaluated," Bowtruczuk said adding that this concerned above all players from the local market.
Turnover continued at low levels, but picked up somewhat versus the levels recorded in the last days of 2013, Bowtruczuk also said.
The zloty also "weakened slightly" on Thursday, but will show a clearer tendency only after "the full opening of the market next week," BPH FX dealer Marek Cherubin told PAP.
The depreciation towards EUR/PLN 4.17 observed on Thursday is in line with the regional developments and does not indicate the start of a downward trend for the Polish currency, Cherubin said.
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