Polish zloty hit 10-month low on revised GDP growth EC recommends abrogation of EDP for Hungary
Revised Polish GDP data, showing growth at only 0.5 % y/y, dragged down the zloty as well as the Hungarian forint. Although, in comparison to neighbours, the 0.5% growth might look good, in the case of Poland growing 0.7% and 1.3 % in two preceding quarters, markets have been disappointed. The zloty’s reaction was relatively sharp, the currency weakened by almost 1 % to its 10-month low. Polish data weighed adversely on the CEE currencies in spite of parallel positive news arriving from Brussels.
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KBC