Zloty Rebounds with Bonds
The Polish zloty gained today, bouncing from the previous huge slump, as nation’s bonds rallied and traders speculated that the drop was excessive.
The yield on bonds maturing in 10 years dropped seven basis points to 4.19 percent. It jumped 40 basis points yesterday, the biggest gain since October 2008. Risky currencies demonstrated massive losses after the US Federal Reserve suggested that it may reduce its stimulus and now they are struggling to recover. The zloty tumbled as much as 1.8 percent yesterday, reaching the lowest level in a year.
USD/PLN fell from 3.2871 to 3.2827 as of 12:19 GMT today.
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Earlier News About the Polish Zloty:
- Polish Zloty Drops as Inflation Slows (2013-05-16)
- Polish Zloty Remains Firm After Interest Rate Cut (2013-05-10)
- Zloty Gains as Cyprus Reopens Banks (2013-03-28)
- Aid for Cyprus Leads to Stronger Polish Zloty (2013-03-25)
- Zloty Erases Losses, Under Pressure from Fundamentals (2013-03-15)