The dollar has broken through 3.70 złoty. The euro is holding well above 4.25 złoty.
The dollar continues to show periodic strength in the currency market. the index measuring the condition against a basket of major currencies has exceeded in recent days, the level last seen in May. On Tuesday night, the dollar was worth even PLN 3.70, the USD/PLN exchange rate remained close to this level in the morning. Euro for now well above PLN 4.25, waiting for the MPC decision.
The euro was worth 4.2574 PLN after 10:00 on Tuesday. not much more than the EUR/PLN quotes from Monday morning and the closing from the previous day, which fell at 4.2545 PLN. After weakening zloty in the last few days against the euro , the quotations of the European currencies stabilize at the beginning of November above PLN 4.25.
However, as stated in the Millennium Bank report, in this the zloty may continue to weaken against the euro in the next week resistance levels of 4.265 and 4.275. "Support for this scenario would be a reduction interest rates by the Monetary Policy Council," the bank's economists noted. The decision is expected to appear on Wednesday, but while the market is forecasting another rate cut, its scale is an open question .
The strengthening of the dollar is clearly visible. The dollar index, measuring its strength against a basket of major currencies on Monday for the first time It exceeded 100 points for the first time since May. On Tuesday morning, it remained close at 99.80 points. On the Eurodollar side, the EUR/USD exchange rate tested the level of 1.15 below, which was last seen in August.
On Tuesday, the dollar was worth an hour on the Polish market. 10.33 already PLN 3.6984, which meant an increase of 0.15 percent compared to Monday closing. At night, the USD/PLN exchange rate at In a less liquid market, it briefly exceeded PLN 3.70 for the first time since May this year "Important support levels are around 3.685 and 3.675, and resistance levels are around 3.697 and 3.71" – Bank Millennium wrote in its report.
After a temporary correction in the Swiss franc, during which the exchange rate CHF/PLN fell from around PLN 4.60 to PLN 4.5649 seen on Monday and Tuesday brought a rebound that raised the Swiss currency to 4.5770 PLN, which meant strengthened by over 0.2 percent compared to Monday's close. However, the share price weakened British pound. Just after the weekend, sterling was valued at over PLN 4.85, but on Tuesday the GBP/PLN exchange rate lost over 0.3 percent and at 10.44 was PLN 4.8339.
MKu
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