The zloty remains strong, stagnation on global markets

The Polish zloty remains strong, even with the recent strong increase from the US dollar. Of course, in the case of our currency, there were concerns that recent events related to NBP may have a negative impact on our currency, but the reaction was basically limited. The press conference after the MPC meeting, which will take place on April 3-4, can certainly be very interesting.

The risk has not increased

Last week we observed a clearly strengthening US dollar, which also had a negative impact on the Polish zloty. The USD/PLN pair rose to around PLN 4 and it might have seemed that the weakness of the zloty would be extended by the recent turmoil related to the president of the National Bank of Poland. Despite this, foreign markets have not stated that the risk has increased for our country.

At the beginning of this week the zloty strengthened and at this moment the USD/PLN pair remains below PLN 4 all the time. In the case of EUR/PLN, the pair is around the level of PLN 4,3150.

stagnation on global markets

Meanwhile, stagnation has crept into global currency markets. The yen remains weak even despite recent statements by the government that currency interventions may occur. EUR/USD tries to rebound a bit in the morning on Thursday, but remains below the level of 1,0830. It is worth noting that this week for trading on financial markets will be shortened because of Good Friday. On the other hand, the currency market and, of course, the cryptocurrency market operate normally.

Friday will be very interesting due to the publication of data regarding... PCE inflation and to Powell's statement. Therefore, it cannot be ruled out that even on such a day, the dollar volatility will be quite high.

At 07:00 we pay PLN 3,9866 for the dollar, PLN 4,3145 for the euro, PLN 4,4042 for the dollar and PLN 5,0346 for the pound.

Source: Michał Stajniak CFA, XTB