An unstable day

At the start of the day, the zloty was trading at 4.78 against the euro and 4.03 against the USD. In the early part of the day, the zloty began to gain in value following Hausner's comments on the possible reduction of next year budget's deficit. At 11.00 am, when the official National Bank of Poland's fixing was released, the zloty was quoted at 4.760 and 4.005 against the euro and USD, respectively. However, the zloty's rally turned out to be only temporary. As expected, though, the end of the day brought higher rates of 4.78 against the euro and 4.025 against the USD. Investors are still awaiting Friday's vote of confidence in Marek Belka's cabinet, and until that time it is unlikely that any major appreciation of the zloty will occur. www.tms.pl.