Dollar cheapest in 7 years. But this is not the effect of the golden force

American dollar quotations against Polish zloty decreased to levels last seen in 2018. This was primarily due to the weakening of the dollar in relation to the euro, in the absence of significant strengthening of the Polish currency.

On Friday morning, the dollar exchange rate to Zloty arrived near PLN 3.61. These were the lowest ratings of the American currency since June 2018 – that is almost 7 years ago. In this way, the “Covid minima” from 2020-21, determining potential support at an altitude of PLN 3.64-3.65, was violated on the dolar-gold steam.

Theoretically, on the basis of technical analysis, the nearest stop point is only a long -term minimum of January 2018 located at the level of PLN 3.3081. But this is only a theory, because the fate of the USD/PLN course is now settled on the global market – i.e. on the euro -dolar pair. There in recent days there has been a confirmation of the upward trend and this year's Maksima. On Friday morning, the euro was listed after 1.1712, earlier reaching the highest value from September 2019. The chart analysis suggests a lack of significant resistance up to $ 1.20.

– Increased turnover on the option market indicates greater expectations of the further increase in the Eurusd course, which can further support the zloty – assessed the analysts of Bank Millennium in the morning note.

– The American dollar was not so weak for a long time. One of the main reasons for this inheritance is the uncertainty and unpredictability surrounding the US trade policy (…). This uncertainty prompted many foreign investors to reduce their involvement in American assets, which contributed to almost 10 percent. A decline in the American dollar index in relation to the main currencies this year – Mateusz Czyżkowski from DM XTB wrote in the commentary.

Meanwhile, there is relative peace on the main “Polish” currency pair. In recent days, the Polish zloty has gained a bit on the euro, but the EUR/PLN exchange rate still moves in the side trend, from April hesitation in the range of PLN 4.20-4.30. On Friday in the morning it was PLN 4.2385.

It is also worth looking at the Swiss franc, which remains very strong relative to the strengthening euro. As a result, the Helwecka currency in relation to the American dollar is recorded at the strongest levels since September 2011. As a result, the CHF/PLN exchange rate remains as part of the spring side trend, which is in the range of PLN 4.50-4.60. At 9:30 Frank cost PLN 4,5247.

KK

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