Currency report: Ups and downs for złoty

President Lech Kaczyński nominated Jan Sulmicki for the post of central bank chief on Tuesday, but the surprise candidate withdrew his candidacy for the job due to "personal reasons" late on Thursday. The President said on Friday that he was considering two candidates for the post. The media's money is on the Minister of Finance, Zyta Gilowska.

The most important data this week was Polish consumer price inflation, which picked up to 1.4 percent year-on-year in November from 1.2 percent in October, just below market forecasts at 1.5 percent. Month-on-month prices were steady in November after a 0.1-percent rise in the previous month. The data confirms that price pressures in Central Europe's biggest economy remained subdued. The central bank's rate will probably be steady at four percent in December.

On the EUR/USD market the US-dollar gained clearly against euro, and the EUR/USD cross fell to $1.31 on Friday.

Marek Węgrzanowski

X-Trade Brokers Dom Maklerski SA