Bond market stabilises, zloty seen trading calmly
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Foreign Exchange

Bond market stabilises, zloty seen trading calmly

ISI news

PAP Market Insider

Warsaw. July 2, 2008 (PAP) - Poland's bond market is stabilising and prices could edge up, while the zloty is trading without major changes, local players told PAP.

"Bond market is stable, some 1 pt higher in yields but possibly only because Bunds significantly lost what was gained yesterday in the afternoon," Kredyt Bank bond trader Robert Kesicki told PAP.

"There was some interest from foreign investors yesterday, it seems that the market is stabilising a little ... we could expect a slight increase in prices," Kesicki said.

An important event on Wednesday will be the auction of PLN 1 bln in 2Y OK0710 bonds.

"The auction will be important, the offer is small so I believe there will be no problem with demand, which could slightly stabilise the market," the trader said.

The zloty remains strong and 3.35 level seems difficult to break.

"There are practically no changes, the zloty remains strong," BRE Bank FX dealer Tomasz Chmielarski told PAP. "We are at levels, at which the market starts consolidating, 3.35 [on EUR/PLN] is a strong barrier."

"If EUR/USD moved closer towards 1.60, it seems that this barrier could be slightly broken," Chmielarski said.

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