Re: Zlotówka odbija sie


"M.J." <M.J.@xxxxxxxxx> wrote

Wszystko to swiadczy ze zlotowka to waluta w ktorej
absolutnie nikt nie ma w swiecie zadnego zaufania, poza
nielicznymi grupkami Polakow. Praktycznie smiec, niczym
zlotowka PRL'owska.

Galinski sie wyspal, wyszczal i teraz spokojnie bedzie do rana
pierdoli swoje "ekonomiczne" koszalki opalki.


Oct. 30 (Bloomberg) -- The dollar fell the most since 1998 against the currencies of six major U.S.
trading partners as the Federal Reserve cut the target lending rate to a level matching a
half-century low, saying risks to the economy remain.

The euro had the biggest two-day advance versus the dollar in a month yesterday after Chancellor
Angela Merkel said Germany will announce ``bold'' measures to bolster the economy. The dollar fell
against the South African rand and the Swedish krona on reduced demand for the greenback as a haven.

``The market is trading on a recovery theme,'' said Eric Busay, portfolio manager of currency and
international fixed income in Sacramento at California Public Employees' Retirement System, the
largest U.S. public pension, with $246.3 billion in assets under administration. ``If risk appetite
continues improving, the dollar should get weaker.''

The dollar traded at $1.2964 per euro at 6 a.m. in Tokyo, after dropping 2.2 percent yesterday and
1.5 percent on Oct. 28. The yen was at 97.38 per dollar following a 0.7 percent gain. Japan's
currency traded at 126.24 versus the euro after dropping 1.5 percent yesterday.

The ICE's Dollar Index, which tracks the greenback against the euro, the yen, the pound, the
Canadian dollar, the Swiss franc and the Swedish krona, fell 2.3 percent yesterday, the biggest
decline since October 1998. It touched the highest level since April 2006 on Oct. 28.

Fed Rate Cut

Policy makers reduced the fed funds target by a half- percentage point to 1 percent yesterday,
matching a level reached in June 2003 and before that during the Eisenhower administration in the
late 1950s. The central bank also announced $120 billion in swap lines with Brazil, South Korea,
Singapore and Mexico.

``The pace of economic activity appears to have slowed markedly, owing importantly to a decline in
consumer expenditures,'' the Fed said in its statement.

The Canadian dollar gained the most in at least 37 years as its U.S. counterpart weakened and
commodities including oil, natural gas, copper and gold increased. The loonie appreciated as much as
5 percent to C$1.2126 per U.S. dollar.

Ukraine's hryvnia slumped 10 percent to 7.0550 against the dollar after Central Bank Governor
Volodymyr Stelmakh said the nation will default on its debt without a $16.5 billion loan from the
International Monetary Fund. The nation's parliament has yet to approve the proposed loan.

Stronger Pound

The pound rose 2.8 percent to $1.6345, bringing its gain in the past two days to 5.1 percent. The
FTSE 100 Index rose 8.1 percent, and the central bank said lenders increased mortgage approvals last
month for the first time since June 2007.

The rand increased 4.8 percent to 9.8188 against the greenback, while the krona gained 3 percent to
7.6068.

The U.S. central bank has cut the benchmark rate from 5.25 percent in the past 13 months and created
six lending programs channeling more than $1 trillion into the financial system to limit the
severity of a recession.

The Fed joined the European Central Bank and counterparts of the U.K., Canada, Sweden and
Switzerland on Oct. 8 in a coordinated reduction of rates, cutting its target by a half- percentage
point to 1.5 percent.

``The easing bias in the U.S. is going to continue,'' said Paresh Upadhyaya, who helps manage $50
billion in currency assets as a senior vice president at Putnam Investments in Boston.

Eisenhower Era

The Fed cut the main rate to 1 percent in June 2003, leaving it unchanged for a year in response to
deflation. The fed funds target averaged 0.68 percent in July 1958, during the second presidential
term of Dwight Eisenhower.

The German government is preparing an economic stimulus package that will be ``targeted, bold and
sustainable,'' Merkel said yesterday in a speech in Berlin. She said she won't support a ``broad''
stimulus program that would have only short-term effects in helping the economy.

Merkel didn't give any details or figures for the value of the measures. The Cabinet is scheduled to
discuss the stimulus package Nov. 5.

The yen pared its gain versus the dollar as U.S. stocks briefly gained on the Fed's rate cut,
encouraging investors to resume carry trades, in which they get funds in a country with lower
borrowing costs and buy higher-yielding assets elsewhere. The Standard & Poor's 500 Index ended the
day down 1.1 percent.

Japan's currency has jumped 29 percent versus the euro and 15 percent against the dollar this year
on speculation a deepening global economic slump will encourage the unwinding of carry trades.

The strength in the yen has eroded Japanese exporters' overseas income. The BOJ is ``leaning
toward'' reducing its target rate by a quarter-percentage point to 0.25 percent when it announces a
policy decision on Oct. 31, Nikkei reported on Oct. 28 without saying where it got the information.





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