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Zloty Erases Losses, Under Pressure from Fundamentals

March 15, 2013 at 12:09 by Vladimir Vyun

Polish zloty notesThe Polish zloty gained today, erasing previous losses. The earlier drop was caused by worries that unfavorable fundamentals will lead to another interest rate cut.

Poland’s consumer price inflation slowed to 1.3 percent in February from a year ago, the lowest level since October 2006, being below the forecast of 1.5 percent. The current account deficit widened to €1.5 billion in January from €1.2 billion in December. The negative macroeconomic indicators led to speculations that the central bank may cut interest rates, which are already record low.

USD/PLN fell from 3.1960 to 3.1777 as of 12:09 GMT today after rising to 3.2005.

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