Euro for PLN 4.25. The zloty market remains in hibernation

Monday morning did not bring significant changes on the zloty market. The euro course remains in the side trend all the time. The event of the week on the Polish currency market will be Thursday's speech by the President of NBP Adam Glapiński.

This week, the Monetary Policy Council is gathering, but according to most economists, this time there will be no reduction in interest rates after 25 -point cuts from July and September (and -50 pb. In May). In this arrangement, the market attention will focus on the usual Thursday conference of the President of the NBP.

In anticipation of these events, the zloty market remains in hibernation. At 9:44 the euro exchange rate was at the level of PLN 4.2519. If the Monday trade ended at such (or lower) level, the EUR/PLN exchange rate will record the fifth downward session in a row.

However, looking in the longer time horizon, the last changes in the Euro-gold pair change little. For over half a year, the euro exchange rate has been in the side trend, hesitating in the range of PLN 4.23-4.31. For now, there are no impulses that could change this. And even more so that the EUR/PLN exchange rate breaks down from this year's consolidation.

For two weeks, the main currency pair of the world has not been bringing anything new. The EUR/USD exchange rate stabilized near USD 1.17 after it reached 4-year maximum in September. In this arrangement, the dollar on the Polish market in the morning cost PLN 3.6300. For a dollar-gold pair, the most obvious goal is a PLN 3.60 line, and then this year's minimum located at PLN 3.5670.

It is even calmer on the franc-gold steam, where since April a side trend with a range of PLN 4.50-4.60 has been in force. On Monday morning, Frank was valued at PLN 4,5531 – and therefore almost exactly in the middle of the consolidation range.

KK

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