9.4 C
Thursday, February 29, 2024

Euro, dollar, franc, pound (EUR, USD, CHF, GBP) – zloty (PLN) quotations on July 8, 2022

Must read

- Advertisement -

On Friday morning the zloty was weakening against the main currencies. After the negative market reaction to Thursday’s MPC decision, it’s time for explanations from the NBP governor, who at 15.00 will start a conference with the media. His hawkish comments could strengthen the zloty – analysts estimate.

Around 9.30 am euro it cost PLN 4.80. Behind dollar you had to pay PLN 4.75. Course franc was almost PLN 4.86, and British pound – 5.67 PLN.

In anticipation of the NBP president’s conference

The Monetary Policy Council decided on Thursday about an increase in the NBP reference rate by 50 basis points to 6.50%. This is below market expectations, which expected a hike by even 100 bp.

- Advertisement -

“In this context, today’s speech of the NBP president A. Glapiński at the press conference will be important. A more hawkish tone and the announcement of further interest rate increases should allow you to move away EUR quotations/ PLN from the border of 4.80 “- estimate PKO BP analysts in the morning note.

After the MPC decision, the EUR / PLN rate was above 4.80 for the third time in the last two days.

“Today, the attention is shifted to the press conference of the NBP president, at which it cannot be ruled out that the bank’s readiness for currency interventions will be more strongly emphasized than before, as the weak zloty intensifies the growth inflation (the question of their effectiveness in the conditions of global risk aversion remains open) “- think analysts from Millennium Bank.

“Nevertheless, we believe that today the zloty has a chance to gain some value, as the global recession fears have slightly reduced after reports on the support program Chinese economy and statements of two Fed members suggesting a soft landing scenario in the USA (in this context, today’s payroll data may be the source of volatility). As a result, we expect that today the EUR / PLN exchange rate will move towards the 4.75 level, they add.

Currency quotes on July 8

Main photo source: Shutterstock

Source link

More articles

- Advertisement -

Latest article