Dec 30 (Reuters) - The Polish zloty pared some of
the previous day"s losses in morning trade on Wednesday amid a
positive global mood, even after a surprise comment from the
central bank governor that rates could be cut in the first
quarter of 2021.
The zloty weakened by as much as 1.77% on Tuesday afternoon,
raising speculation that the central bank was intervening in the
FX market to weaken the currency for the second time in a month.
Late on Tuesday comments from central bank governor Adam
Glapinski appeared on financial news website Obserwator
Finansowy and the the National Bank of Poland (NBP) Twitter
account, saying rate cuts were possible in the first quarter of
2021.
Earlier in December Glapinski had said that rates would
remain at the current level for a long time. Analysts polled by
Reuters earlier in December expected rates to be on hold until
the fourth quarter of 2022.
At 1011 GMT the zloty was 0.19% firmer against the euro at
4.528.
"To be honest we are preparing for a battle – NBP against
the market," said Mateusz Sutowicz, a financial market analyst
at Bank Millennium in Warsaw.
"The timing is very important; the end of the year is a time
that is very important for NBP revenue which in 95% is going to
the central budget. The NBP is trying to weaken the zloty to
give the central budget a big amount of money."
An NBP spokesman declined to comment on the zloty.
The Czech crown was also 0.21% firmer against the
euro at 26.19, while the Hungarian forint was little
changed at 364.75.
"There is thin year-end trade, the currency is still in the
range where the forint was trading yesterday. The currency could
easily end the year in this range between 364 and 365," a
Budapest-based FX trader said.
Stocks were mixed, with the main indexes in Prague and
Warsaw down 0.34% and 0.63% respectively, while in
Budapest the main index rose 0.63%.
CEE SNAPSHO AT
MARKETS T 1111 CET
CURRENC
IES
Latest Previous Daily Change
bid close change in 2020
EURCZK= Czech
مشاركة :