The�Polish zloty extended its rally for�the�eighth consecutive day against the�euro as�the�estimates of�the�Economy Ministry showed that the�economy grew with the�increasing pace, igniting the�speculation that the�central bank may raise the�interest rates. The�Polish currency dropped against the�U.S. dollar slightly.
The�Economy Ministry�s report showed that the�gross domestic product grew by�3.1 percent in�the�first half of�this year, compared 1.8 percent in�2009. The�ministry also estimated that the�annual rate of�the�private consumption grew by�2.2 percent. The�Polish currency rose the�most against the�euro today among other emerging market currencies.
Nigel Rendell, senior emerging-market strategist at�RBC Capital said
The�international environment has been quite helpful and�the�wave of�uncertainty has been removed so that�s encouraging people to�go into emerging markets and�the�zloty looks best in�the�region. The�possibility that interest rates may be lifted before the�end of�the�year is also acting as�an�incentive.
EUR/PLN traded at�4.0018 today as�of�19:57 GMT after opening at�4.0054. USD/PLN fell to�3.0822 from the�opening rate of�3.0791.
If you want to�comment on�the�Polish zloty�s recent action or�have any questions regarding this currency, please, feel free to�reply below.
Earlier News About the Polish Zloty:
This entry was posted on Wednesday, July 28th, 2010 at 9:57 pm and is filed under Polish Zloty. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
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