EUR / PLN in consolidation above 4,55 PLN, the dollar goes up by PLN 1

Further consolidation of EUR / PLN quotations and one-groszy strengthening of the US dollar - such changes are marked on Tuesday in the domestic market currency market. By the end of the day, the balance of power should not change. The future of the zloty will be decided on Friday, when April's data on inflation in Poland will be released.

EUR / PLN awaits inflation data

On Tuesday noon the euro in the currency market was traded at PLN 4,5620, which is a level of less than 0,4 groszy than at the close of Monday's quotations and means a continuation of the consolidation of the single currency above PLN 4,55. The dollar went up by PLN 1 to PLN 3,7815, in response to the fall in prices EUR / USD, but also slightly worse moods in the global markets.

EUR / PLN daily chart. Source: Tickmill

Yesterday's EUR / USD return from levels above 1,21 opens the way for profit-taking on this pair, at the same time being a signal for an upward rebound on USD / PLN, after the rate tested levels below PLN 3,76 on Monday, falling from 3,9830 PLN quoted in the last days of March. This upward rebound on USD / PLN is taking place. A slight deterioration in moods in the global markets and a slight increase in risk aversion are also helping.

In the absence of important impulses today that could provoke a further jump in volatility in the domestic currency market, and above all in anticipation of Friday's data on April's inflation in Poland, as well as the Wednesday results of the US meeting Federal Reserve and Thursday-Friday series of data on inflation in April and GDP in QXNUMX on both sides of the Atlantic, changes in EUR / USD will be the main factor influencing the zloty on Tuesday. Especially the USD / PLN quotations.

However, the key day for the domestic currency will be Friday. Then the CSO will publish preliminary estimates of April's inflation in Poland. Another inflationary surprise, together with the improving epidemic situation in the country, as well as the expected significant acceleration of economic growth in the coming months, will be a strong premise in favor of the zloty strengthening in May. This is the base scenario for May and it is difficult to find an alternative.