The zloty weakens slightly as markets await Trump's next steps on tariffs
On Monday morning, the złoty exchange rate weakened slightly against the main currencies. After an extended weekend in the United States, the dollar strengthened against the euro. Markets are waiting for news from the US, where new information about Donald Trump's tariffs is supposed to flow.
Monday morning brought a slight strengthening of the dollar, which gained against the euro. At 10:00 Polish time, the market valued the euro at 1.1747 dollars. July 9 is the deadline set by the US president for negotiations on new tariff rates.
The exchange rate of the American currency against the zloty was 3.6135, which meant a strengthening of about 1.65 groszy. Let us recall that last week the USD/PLN pair set its 7-year low at the level of 3.5852 PLN.
The euro was also gaining against the Polish currency on Monday morning. Just before 10:00, the EUR was valued at 4.2467 złoty, less than a grosz more than Friday.
The British pound remains very weak, with the exchange rate falling to 4.9 złoty last Friday, the lowest in over 4.5 years, on a wave of disappointment with the Labour Party's rule. Last Thursday, British Prime Minister Keir Starmer withdrew from the welfare reform , which was supposed to bring savings of 5 billion pounds to the budget, which was received with tears by Chancellor of the Exchequer Rachel Reeves. On Monday morning, however, GBP strengthened against the złoty to 4.9208.
The Swiss franc remained in the sideways trend channel on Monday, which has been ongoing on its chart since mid-April. The Helvetian currency was valued at 4.5424 zlotys, which meant a drop of almost 3 groszy compared to the quotes from the middle of last week.
- The topic of the day will undoubtedly be trade - Scott Bessent's weekend declarations about extending negotiations for selected countries until early August are taking a back seat to the "mailing of letters" expected today, which is to present alternative tariff rates to US trading partners. In the evening, we will find out whether the announced trade agreements will apply to any significant partners," wrote Kamil Cisowski from Xelion Investment House in a morning commentary.
- The number one topic this week is US tariffs. - Xelion analysts from XTB echoed - The dollar is strengthening due to Trump's threat to introduce additional tariffs of 10 percent. The US President declared that countries supporting the BRICS alliance's policy, which is contrary to the interests of the United States, will be charged an additional unconditional 10 percent tariff - indicated the broker's analysis department.
M.M.
bankier.pl
