Polish Zloty Declines After Bond Sale Fiasco

The Polish currency declined today versus the euro after a Polish central bank 5 bond sale that ended with just slightly more than half of the bond offered sold, suggesting that attractiveness and confidence towards zloty-priced assets remains rather mediocre.
After the government announced that the budget deficit in the country will double next year, the first bond auction in the country did not reflected in a significant number of sales, suggesting that trader’s confidence in the Polish economy remain low. The National Bank of Poland expects a better performance in the following auctions the stabilize the nation’s financial accounts.
EUR/PLN traded at 4.1151 as of 17:46 GMT from an opening rate of 4.0986.

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