On Monday, the zloty was weakening against the main currencies. The growing likelihood of further rate hikes in the United States means that the dollar may continue to strengthen against the euro, and the euro may once again attack the level of PLN 4.80, analysts predict.
Around 11.00 a.m. euro it cost PLN 4.79.
Behind dollar you had to pay PLN 4.73.
Course franc it amounted to almost PLN 4.84.
British Pound o it cost almost PLN 5.67.
“The probability of a puncture increases”
According to economists from PKO BP, after good data from the labor market in USAa tightening of monetary policy overseas is very likely, which is not in favor of the zloty.
“The probability of the EUR / USD parity breaking, at least in the short term, is increasing. We believe that in the event of a successful attack on this psychological level, the pressure on EM currencies (Emerging Markets – ed.) Will increase again, which will lead to growth EUR exchange rate/ PLN above 4.80 and the USD / PLN exchange rate to new historical highs. On the other hand, a reversal of negative trends in the core markets, as a result of a possible de-escalation of the risk of the energy crisis in Europe, would support the overestimated assets of emerging markets and in such a scenario the EUR / PLN exchange rate could return to the level of 4.72 “- they wrote.
According to economists from Pekao, the market will face further attempts to break the EURPLN rate above 4.80.
“The new week on the domestic currency market should start in line with the pattern of recent sessions, i.e. with attempts to break the EUR / PLN rate above 4.80. Whether they will be effective will be determined by external moods shaped by macroeconomic data determining the risk recession in the global economy. (…) The Thursday reading of the current account will be of local importance for Polish assets, which may again point to the growing imbalances in the Polish economy, which next to Friday’s comments of the President of the National Bank of Poland, be the source of the zloty’s weakness this week “- they wrote.
Currency quotes on July 11
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