For the better part of Thursday’s session the zloty remained under pressure from sellers who sell their PLN with the decrease in the valuation of Polish debt – rating of Bank Brokerage House analyst for Environmental Protection Konrad Ryczko.
Approximately hours. 16.45 per euro you had to pay 4.04 zł, for the dollar – 3.59 zł, followed by the Swiss franc – 3,91 zł.
“At its peak, the yield on Polish 10-year bonds tested the range of 3.00 per cent., Last seen in November 2014. It should also be mentioned that due to the recent increase in interest rates on debt Polish Ministry of Finance decided to cancel today’s auction of bonds with a value of PLN 3-5 billion. In the afternoon, the scale of decline among bunds declined, hence also strengthened slightly Polish bonds, and thus also PLN “, – noted Ryczko.
In turn, according to analyst Simon Brokerage mBank Zajkowski Thursday the zloty against the euro proceeded with varying degrees of success.
“In the morning the zloty lost in value, and the EUR / PLN recorded the highest level since late March. Later, however, the zloty started strengthening again and finally returned to levels quotation from the opening of the European session, which is 4.04″ – pointed Zajkowski.
He stressed that the zloty against the euro, moving all the time “in the wake of bond yields.”
“As long as we do not end in a correction in the global and Polish debt market, gold should not return to stronger and more sustainable. It seems, however, that after such a strong sell-off of bonds, with which we have witnessed in recent days, soon should come at least a short-term adjustment. In this situation, the EUR / PLN should again approach the level of 4.0 “- said the analyst.
In his view, much like proceeded on Thursday the zloty against the franc.
“After the morning rise in the CHF / PLN 3.95 – for the first time since February, in the following hours zniżkował to 3.90. In the context of the franc quotations for gold next situation on the debt market, key in the coming days should be Greece’s negotiations with European lenders. The talks are to take place over the weekend so that at Monday’s meeting of the Eurogroup reach an agreement. If the talks will lead to the granting of financial aid to Greece next, the financial markets should reduce risk aversion, frank lose value, and CHF exchange rate / PLN sag towards 3.86 “, – he noted Zajkowski.
According to the analyst in the wake of the euro and the dollar still moves in the USD / PLN. “Today, the zloty weakened against the US currency to a level of 3.59. Dollar helped by improved labor market data, which again positively surprised by the number of applications for unemployment benefits. About the fate par with the USD should decide on Friday a report on the US labor market. If so As in the past month will bring disappointment, the USD / PLN should fall below yesterday’s low of 3,555 “- rated Zajkowski. (PAP)
KRM / mhr /
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