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PLN quotations – how much is the euro, franc, pound and dollar. Monday May 27, 2024

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On Monday, the zloty remains strong against the main currencies – the euro, dollar, Swiss franc and British pound. Economists expect this trend to continue. The Swiss currency is the cheapest since February 2022.

On Monday after 10:30 a.m. the euro costs PLN 4.25, the dollar – PLN 3.92, the Swiss franc – PLN 4.28 and the British pound – PLN 4.99.

The CHF/PLN pair quotes are noteworthy. The franc is the cheapest since February 2022.

“The franc's quotations are losing value for another day, and the CHF/PLN chart defends another barrier of PLN 4.28. The franc has big problems with the global, better sentiment, which, combined with concerns about the dovish policy of the SNB (Swiss National Bank – ed.), may lead to new local lows,” analysts write on Comparic.

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Expert comments

They also point out that “on Friday, the USD/PLN rate broke strongly from the 13-year upward trend line at PLN 4.93, which may open the way to further declines below PLN 3.90.”

“EUR/PLN quotations negated an upward correction last week, which is mainly due to market expectations regarding the June interest rate cut by the European Central Bank (ECB),” they comment.

“In addition, the positive sentiment favors the Polish currency, which does not rule out a test of the 2020 lows at PLN 4.20,” we read.

Quotations coming soon

“The beginning of the new week due to Monday holidays in the United States and Great Britain will probably bring a significant drop in volatility on the domestic FX market, but the second part of it, under the influence of a number of important macro readings, including mainly consumer inflation from Poland, the euro zone and the United States, should this variability will significantly increase,” PKO BP economists estimate.

“In the following days, we see a chance for successful attacks of the EUR/PLN and USD/PLN rates to the levels of 4.25 and 3.90, respectively, but without clear signals of continued global weakness of the dollar, it may be difficult, in our opinion, to permanently drop below the above-mentioned levels” – they add.

Bank Millennium economist Mateusz Sutowicz also points out that only the next few days will bring more volatility impulses.

“Monday, due to a day off from work in the US and Great Britain, should bring calm quotations. In the following days, however, market emotions will be ensured by preliminary inflation readings from the euro zone, the US and Poland,” the economist points out in his morning report.

“In the case of these first data, we do not believe that the publication will change expectations regarding the June cut (it seems to be a foregone conclusion) and will shape the timing of the next moves of the European Central Bank. In turn, the domestic data will, in our opinion, be neutral for Polish assets, which will follow the path determined by global sentiment,” he adds.

Main photo source: Shutterstock

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