Zloty Gains as Polish Retail Sales Grow with Increased Pace
The Polish zloty gained today after data showed that retail sales in Poland grew last month, while positive macroeconomic reports from the eurozone and the United States added to strength of higher-yielding currencies.
Polish retail sales advanced 14.3 percent in January on an annual basis, following the 8.3 percent increase in December. The median estimate promised a 13.8 percent growth. Poland’s Finance Minister Jacek Rostowski said that outlook for the nation’s economy is “much better” than it was in December.
The environment on the Forex market today was positive for currencies of emerging markets as concerns about recession in the eurozone receded, while the US economy continued to show signs of growth. The improving business sentiment in Germany alleviated fears of recession in Europe to some degree, though Germany always managed to fare better than most European countries in the recent times. The number of unemployment claims in the United States remained unchanged in the previous week from the week before, signaling that the US labor market is stabilizing.
USD/PLN slipped from 3.1689 to 3.1169 as of 23:46 GMT today.
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Earlier News About the Polish Zloty:
- Zloty Gains as Traders Expect Intervention from Central Bank (2011-12-28)
- Polish Central Bank Keeps Rates High to Support Zloty (2011-12-07)
- Poland's Current Account Deficit Weakens Zloty (2011-02-14)
- 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)