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http://www.businessweek.com/news/2013-02-12/zloty-weakens-for-second-day-as-cpi-seen-pointing-to-slowdown

Bloomberg News

Zloty Weakens for Second Day as CPI Seen Pointing to Slowdown

February 12, 2013

The zloty retreated for a second day as a report this week may show inflation slowed for the fourth consecutive month, giving Poland’s central bank more leeway to cut interest rates.

The zloty is the worst-performing emerging-market currency from Europe this year as the country’s economy weakens and interest rates were cut by a total of 100 basis points since November. Poland’s inflation rate probably slowed to 2 percent in January, the lowest since August 2010, from 2.4 percent in December, according to a median estimate in a Bloomberg survey of 30 economists before the data are published on Feb. 15.

“The zloty may stay under pressure today,” Szilvia Laszlo, an emerging-market economist at DZ Bank AG, said in e- mailed report today. “Inflation may stay low and economic growth is decelerating.”

The zloty depreciated 0.3 percent to 4.1671 per euro at 1:44 p.m. in Warsaw, extending this year’s decline to 2.1 percent, compared with a 0.8 weakening by the Czech koruna and less than 0.1 percent appreciation by Hungary’s forint. The yield on Poland’s 10-year notes denomiated in zloty rose two basis points, or 0.02 percentage point, to 4.07 percent.

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

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net


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