Poland’s Current Account Deficit Weakens Zloty
The Polish zloty weakened today as Poland’s current account deficit surged. The currency is expected to depreciate further.
Poland’s current account deficit almost doubled in December from a year ago as the accelerating economic growth increased consumption. BNP Paribas predicted that EUR/PLN may continue to rise, but it’s required to break through the resistance level of 3.94 to post significant gains.
USD/PLN rose from 2.8940 to 2.9222 as of 11:42 GMT, while EUR/PLN rallied from 3.9179 to 3.9363.
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Earlier News About the Polish Zloty:
- Zloty Rise as Policy Makers Signal About Higher Interest Rates (2011-01-11)
- Zloty Drops After Rally on Anticipation of Interest Rates Hike (2011-01-07)
- 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)