The zloty is still in retreat. Euro the most expensive in 13 years

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Tuesday afternoon brought a further retreat in the zloty market. The euro exchange rate broke the November peak and reached the highest level in 13 years. The Swiss franc has reached a record high level.

[Aktualizacja 15:01] After reaching long-term records, the euro rate turned down the chart. At 3:01 PM, the euro was quoted at around PLN 4.73, which is just PLN 0.07 below the recent mid-session high. The market situation is very dynamic and literally changes minute by minute. There are speculations in the market that we may have witnessed a currency intervention by the National Bank of Poland.

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[Aktualizacja 14:20] The situation is getting worse. After 13:00 the sell-off of the zloty intensified. At 2:13 p.m., the euro was paid for over PLN 4.80. We have not seen such an expensive euro since March 2009.

This is very bad news for the Polish currency. If the current levels are maintained, then on the basis of technical analysis it would open the way to the level of PLN 4.92 – i.e. the peak from February 2009

U.S. Dollar
it already cost over PLN 4.30 and was nearly PLN 0.02 more than the day before. This is the highest exchange rate of the American currency since March 2020. By 3:00 p.m., the prices of the dollar fell to PLN 4.2420

Swiss franc
It was valued at over PLN 4.69, which is a new all-time record and means an increase of PLN 0.02 compared to the Monday reference price. Later, the exchange rate of the franc fell by almost PLN 0.08, and by 3:00 p.m. it went down to the area of ​​PLN 4.6467. British Pound
it went up by almost PLN 0.14, reaching a price of over PLN 5.76. These are the highest quotations for sterling against the zloty since the Brexit referendum in June 2016.

KK

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