10 Aug 2015
PLN gains capped near term – Rabobank
FXStreet (Edinburgh) - Strategist Piotr Matys at Rabobank believes the appreciation of the Polish zloty could be somewhat limited in the near term.
Key Quotes
“We were prepared to re-adopt our constructive view on the Polish zloty against the euro as the risk of Grexit diminished”.
“However, risk aversion has again increased on the back of Chinese growth concerns suggesting that scope for PLN appreciation is limited near-term”.
“In the coming weeks we will continue to monitor developments closely given that Greece faces the herculean task of fully implementing a very ambitious package of structural reforms in exchange of EUR 86bn funds”.
“Polish politics are another source of risk. If opinion polls imply that the largest opposition party, Law and Justice, is on track to win general election in October and, more importantly, may secure a parliamentary majority, the odds that populist measures will be implemented will increase, which in turn would be negative for the Polish currency”.
Key Quotes
“We were prepared to re-adopt our constructive view on the Polish zloty against the euro as the risk of Grexit diminished”.
“However, risk aversion has again increased on the back of Chinese growth concerns suggesting that scope for PLN appreciation is limited near-term”.
“In the coming weeks we will continue to monitor developments closely given that Greece faces the herculean task of fully implementing a very ambitious package of structural reforms in exchange of EUR 86bn funds”.
“Polish politics are another source of risk. If opinion polls imply that the largest opposition party, Law and Justice, is on track to win general election in October and, more importantly, may secure a parliamentary majority, the odds that populist measures will be implemented will increase, which in turn would be negative for the Polish currency”.