Zloty Drops After Rally on Anticipation of Interest Rates Hike
The Polish zloty dropped today for the third day after it surged at the beginning of this week, causing the speculation that the currency is overbought.
The currency jumped after the Finance Ministry said that the annual inflation rate accelerated to 3.1 percent last month. Marek Belka, the President of the National Bank of Poland, stated that the policy makers would take actions to curb inflation, suggesting the potential interest rates increase.
USD/PLN rose from 2.9758 to 2.9895 as of 13:23 GMT after it dropped earlier as low as 2.9605.
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Earlier News About the Polish Zloty:
- Polish Zloty Rebounds as Inflation Reaches 11-Month Record (2011-01-03)
- Zloty Appreciates as BGK Sells Euros (2010-12-30)
- Polish Zloty Falls on European Debt & Fitch Statement (2010-11-26)
- Concerns for Europe's Economy Make Zloty Weaker (2010-09-28)
- Zloty Rise vs. Euro as Economic Growth May Cause Rates Hike (2010-07-28)