The zloty remains stable against the euro. Fed minutes have held back the dollar.
On the currency market, there are no major changes in the context of the zloty. The Polish currency looks stable in pair with the euro, although derivative reactions are visible what's happening on the major pairs. There was a slight increase visible there on Wednesday evening strengthening of the Eurodollar after the publication of the minutes of the June meeting of the Reserve Bank United States Federal.
The EUR/PLN exchange rate was on Thursday after 10:30 a.m. it was quoted at PLN 4.2443, i.e. half a grosz higher than the day before at this time. Compared to Wednesday's decline, the zloty slightly was losing. However, on Wednesday evening, a slight strengthening was observed, which was a derivative of what was happening on the EUR/USD pair, where the dollar was losing after 8 p.m., when the minutes of the June Fed meeting appeared on the market. We usually observe strengthening of the zloty against the euro when the eurodollar gains.
"This morning the zloty is losing slightly against the euro, but there are no significant impulses for a major change in either direction, so we assume the EUR/PLN exchange rate will continue to stabilize in the range of 4.235-4.25," Bank Millennium analysts say.
"The majority of the meeting participants agreed that certain lowering the federal funds rate target range this year will probably be appropriate. They noted that upward pressure on inflation from tariffs may be temporary or moderate. (…) Several participants meeting noted that if the data develops in accordance with their expectations, they would be open to considering lowering interest rates already at next meeting (July 30, editor's note)" - it was written in the minutes of US Federal Reserve meeting on June 17-18.
As a result, the dollar in the EUR/USD pair rose from 1.17 to over 1,174 on the night from Wednesday to Thursday. In the morning it was recorded at the level 1.1732 dollars. On the other hand, the USD/PLN pair was at 3.6185 PLN and slightly rose from Wednesday's close, which fell lower after the aforementioned reaction on Fed minutes.
"Investors largely expect the Fed to leave rates unchanged. interest rates unchanged during the July meeting, and a possible reduction is shifting in expectations to September or later," commented the analysis department DM XTB.
The Swiss franc exchange rate is gradually rising this year week to the upper limit of the consolidation between the levels of PLN 4.52 - 4.58, where it has been stuck for several weeks. On Thursday morning, the CHF/PLN exchange rate was 4.5508 PLN, but on Wednesday evening it exceeded 4.56 PLN. The British pound strengthened by 2 groszy compared to Wednesday's close and was valued at PLN 4.9241.
MKu
bankier.pl
