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Currency exchange rate 03/15/2023. Comments of economists

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On Wednesday, the zloty lost against the main currencies – the dollar, euro, franc and pound. Here are the latest quotes.

On Wednesday before 2 p.m., the euro costs PLN 4.71, the dollar – PLN 4.45, the pound PLN 5.38, and the franc – PLN 4.83.

Comments of economists

“When it comes to our domestic market, the zloty loses in the morning. Data on inflation for February, which we got to know at 10:00, showed another increase in prices and these levels are still significantly different from the NBP’s target. The CPI index y/y was at the level of 18.4%. with the expected 18.6 percent. and the previous reading of 17.2 percent.” – XTB experts comment.

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“At the time of writing this commentary, the Polish zloty is losing 0.5 percent against the dollar, and about 0.2 percent against the franc and the pound. EURPLN quotations, in turn, oscillate around the reference level. The further fate of our currency will depend on the direction on EURUSD. If the main currency pair fails to return above 1.07, the zloty may be in trouble.

In the morning commentary, PKO BP experts wrote that they expected to be maintained EUR exchange rate/PLN in the following days around 4.70.

“On zloty quotes therefore, two opposing forces may act in the form of support from the growing EUR/USD exchange rate channel, and at the same time pressure from the decreasing disproportion between the nominal interest rates in Poland and euro area. Therefore, in the coming days we expect the EUR/PLN exchange rate to remain close to 4.70.

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