Fed is cutting your feet and the dollar is rocking. Data from Poland did not help the gold

After reduction of interest rates in the USA, dollar quotations first deepened the long -term minima, and then began to quickly make up for the losses. The zloty was not favored by August macroeconomic statistics, which increased the chances of reduction of interest rates at the NBP.

The event of the week and maybe even the quarter was Wednesday's reduction of interest rates in the federal reserve. FOMC, as expected, cut the feet by 25 pb. And he announced two more discounts by the end of 2025. Monetary Wajch in America has been clearly switched to looser politics mode, which should translate into higher inflation in the USA and a weaker dollar.

And this was also the initial market reaction, under which the EUR/USD exchange rate shot up and set a new 4-year maximum of almost USD 1.1920. But a moment later, the eurodolar turned “to the south” and reduced its quotations to USD 1.1830 to Thursday morning.

The USD/PLN exchange rate went to the rhythm of these fluctuations, which first dropped to PLN 3,5670, deepening the 7-year minimum, and later to rise to PLN 3.62. At 10:30 “Green” was valued at PLN 3.6030. Theoretically, in the long run, a weaker dollar should support currency records from emerging markets, including Polish zloty.

Only that the macro -coming from the Polish economy is unlikely to serve our currency. It turned out that in August unexpectedly had a strong braking of wage dynamics, which opens the way to subsequent interest rate discounts at the NBP. Employment also fell, and the statistics from industry showed the persistent stagnation in this sector of the economy. Deflation of manufacturers' prices (negative PPI RDR) also remained, and the results of construction were under the line.

For now, however, the euro exchange rate for zloty remains extremely stable. In the morning, the community currency was valued at PLN 4.2593, which is only half a penny higher than the day before. Since April, the EUR/PLN exchange rate has been raised in a fairly narrow side trend, remaining in the range of PLN 4.23-4.31.

The Swiss Frank, noted after PLN 4.5676, remains strong. It's almost more than the day before. It also still means maintaining a side trend with a range of PLN 4.50-4.60. The British pound cost PLN 4.9084, which is 0.6 grosze more than on Wednesday evening.

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