No new impulses on the golden market. The euro course goes sideways

The euro exchange rate lasts in the side trend that has been ongoing since April. The American dollar and the Swiss franc were strengthened globally, which would signal an increase in risk aversion among investors.

At 9:40 the euro exchange rate was at the level of PLN 4.2615, i.e. by 0.6 grosze higher than the day before. This means stabilization of Eurozłoty in the range of PLN 4.26-4.27. So, as part of the side trend in force since April, with a range of PLN 4.20-4.30. At most of this, the EUR/PLN exchange rate fluctuated in the range of PLN 4.23-4.28.

– Our base scenario for Wednesday is maintaining the EUR/PLN exchange rate in the range of 4.25-4.26, and investors will wait for new impulses, which, due to macro readings (from country and base markets), will appear at the end of this week – PKO BP economists forecast.

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Wednesday's macroeconomic calendar shines empty and will not affect currency records. On the market, there are still fears in the game before taking over the federal reserve by President Donald Trump after the American leader decided to dismiss one of the fed governors. This is a factor potentially weakening the dollar in medium and long time.

For balance, old/new political problems appeared in France, where on September 8 a vote on a vote of confidence in the government was planned. The office of Prime Minister Francois Bayrou will probably fall and France will remain without a government and without a budget. But with a gigantic public debt and budget deficit. This, in turn, a blow to euros.

As a result, the EUR/USD exchange rate went down, in the morning violating the 1.16 USD line. On the domestic market, this was manifested by an increase in the dollar exchange rate by 1.8 grosze to PLN 3.6742. As a result, we can forget about testing the July minimum (PLN 4.5858).

Due to all these fears, Frank Swiss, treated by investors as an oasis of stability in these uncertain times. Helwecka currency has gained particularly in recent days against the euro. However, on the Polish market Frank was expensive by 1.2 grosze, reaching a price of PLN 4,5610.

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