Thursday is another day of the zloty strengthening. All major currencies are cheaper
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On Thursday after 11 a.m. for the euro you had to pay PLN 4.60. Before 9 o’clock the rate even dropped below this level and amounted to 4.59. The dollar cost PLN 4.06. For the British pound at 11 we have to pay PLN 5.41, and for the Swiss franc – PLN 4.41.
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Zloty – quoted on December 2, 2021
Zloty exchange rate. The Polish currency is strengthening
“The volatility in the zloty market is gigantic. The progressive sell-off is replaced by a dynamic rally – this week the Polish currency has recovered over 2 percent against the euro, franc, pound and dollar.” – comments Bartosz Sawicki from Cinkciarz.pl.
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“The EUR / PLN exchange rate fell towards 4.60, which brings the quotations closer to the level of 4.58 forecasted by us at the end of the year. At the moment, the Polish currency is on a wave, but the situation on the markets is changing like a kaleidoscope. record inflation reading, which cemented expectations that there will be a sharp move in interest rates in December. In our opinion, the MPC will decide to raise by 75-100 bp. Comments from the NBP governor and central bank operations, which siphon off excess liquidity from the financial sector, are also favorable. and this is always a burden for the currency “- he notes.
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MBank Research analysts pointed out that the Polish currency is appreciating similarly to the Hungarian currency.
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“The potential delay in the tightening of the Fed’s policy in connection with the economic consequences of the omicron slightly changed the outlook of the game on the strengthening of the dollar and thus the weakening of currencies such as the zloty. This is evident on the USDPLN chart, where the recent weakening of the domestic currency is currently recovering on a scale that a few days ago it was out of the question. It is possible in this current movement we will see a return to the round level of PLN 4 or even to the resistance recently broken “- writes Jacek Rzezniczek – from the website Stooq.pl.
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“The zloty strengthened significantly, among others, due to yesterday’s article in the Financial Times on a possible breakthrough in the negotiations between Poland and the European Union regarding the approval of the National Reconstruction Plan and the statements of the President of the National Bank of Poland. A. Glapiński said yesterday – referring to Tuesday’s change the rhetoric of the head of the US Federal Reserve – that in his opinion inflation is also not temporary The expectations for interest rate hikes in Poland have intensified, the more so that in the previous days we learned higher than expected domestic data on CPI inflation and GDP growth as well as hawkish comments of some members of the Council Of the Monetary Policy “- Millennium economists wrote in a daily commentary.
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The zloty is getting strongerTVN24
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Statement by Adam Glapiński
– I would also like to say that today. I change my rhetoric. Inflation is temporary, but over a 2-year period, and this is not known either, although this is how we see it now. Inflation is not temporary, inflation is burdensome. We will try to reduce it to minimum levels, but not at the expense of high unemployment. I don’t think anyone will force us to do this. Nobody is forcing us to substantially increase unemployment. This cannot be done in Poland. And we will be able to deal with inflation – said the President of the National Bank of Poland during the Wednesday award ceremony in the W. Grabski Competition.
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The president added that he would do everything to ensure that the state of increased inflation lasts as short as possible and is as gentle as possible.
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photo-source">Main photo source: Shutterstock
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