Bloomberg News

Zloty Jumps to Five-Month High as Polish Manufacturing Grows

February 02, 2012

(Adds analyst comments in fourth paragraph.)

Feb. 1 (Bloomberg) -- The zloty rose to a five-month high versus the euro after a report showed Polish manufacturing grew for the first time in three months in January.

The zloty appreciated 0.8 percent to 4.1979 per euro as of 10:17 a.m. in Warsaw, the strongest intraday level since Sept. 5. The yield on 10-year bonds fell 4 basis points to 5.54 percent, according to generic data compiled by Bloomberg.

The purchasing managers’ index, a gauge of manufacturing, rose to 52.2 from 48.8 in December, HSBC Holdings Plc said, summarizing the results of a survey by Markit Economics. A median estimate of 17 economists in a Bloomberg survey forecast an advance to 49.4. A reading above 50 indicates expansion.

Manufacturing “surprised on the upside,” Rafal Benecki, senior economist at ING Bank Slaski SA, wrote in an e-mailed note to clients. The central bank “should remain hawkish in coming months, supporting the zloty.”

Poland’s economy, which last year expanded at the fastest pace since 2008, will grow more than 3 percent this year, central bank Governor Marek Belka said on Jan. 27. The central bank should raise its benchmark interest rate this quarter to counter an inflation rate that remains “stubbornly” high, said central banker Andrzej Kazmierczak said a day earlier.

--Editors: Wojciech Moskwa, Stephen Kirkland.

#<151038.6325146.3.0.2.6.96># #<190029.8316141.3.0.2.6.96>#

#<190029.8316141.3.0.2.6.25># -0- Feb/01/2012 09:58 GMT

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus