"Edek" at a new peak. The dollar in Poland is the cheapest in years
New highs on the euro-dollar pair caused the quotes the American currency against the Polish zloty deepened to a 7-year low. On the interbank market, the “green” already cost less than PLN 3.60.
On Tuesday morning, the dollar cost 3.5976 PLN. It was the lowest dollar-zloty pair quotes since June 2018. "Green" since January has already fallen by almost 60 cents. On the basis of technical analysis, the nearest the support is only the level of PLN 3.30, determined by multi-year lows January 2018.
However, the fate of the dollar-zloty pair is not decided in Poland, but on global financial markets. And there for several weeks we are observing a systematic increase in the Euro-Dollar pair, in forex jargon called "Eddie". On Tuesday, the EUR/USD rate climbed to a height of over 1.18 USD. And let us recall that at At the beginning of the year, the Eurodollar was quoted at 1.02, and there was speculation on the market when will fall below the parity of 1 to 1. The change in the quotations of the most important currency pair by over 15% in less than half a year is a very significant move.
The zloty market is much calmer. In the case of the pair The euro-zloty has been in a sideways trend for three months, in the range of PLN 4.20-4.30. On Tuesday morning, the euro was valued at PLN 4.2386, which is half a grosz lower. than the day before.
On the domestic front, the highlight of the week will be Wednesday the Monetary Policy Council announcement and the NBP President's Thursday conference. Analysts they do not expect the Council to lower interest rates . Such a move is not expected until September. But President Glapiński has shown more than once that he likes to surprise market participants .
It is close to the historical lows of the summer of 2011. this is the course USD/CHF . The Helvetian currency is almost at a record high against the dollar and very strong against the already strong euro. As a result, the franc became more expensive by 1.3 groszy , reaching the rate of 4.5498 PLN. However, these are still changes in within the local sideways trend in the range of PLN 4.50-4.60.
bankier.pl
