The euro exchange rate is the lowest since the beginning of March. The dollar is the cheapest since the outbreak of the war

For the first time in six weeks, the euro exchange rate was below PLN 4.24. The US dollar is also at its lowest level since the outbreak of the war with Iran. The market remains very positive towards Polish assets.

On Wednesday at 9:52 a.m. the euro cost PLN 4.2386 and was only slightly cheaper than the day before. Since the beginning of April, the euro exchange rate has fallen by over 5 cents and reached the lowest level since the beginning of March, when the Israeli-American crusade against Iran began.

This means that the Polish zloty has already made up for almost all the losses incurred as a result of the biggest fuel crisis in at least half a century. Let us just remind you that the EUR/PLN exchange rate ended February at PLN 4.2250. Now this line is the first serious support and will probably not be broken immediately.

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– WIG followed the path of new highs, growing by over 1%, and the American S&P 500 approached the record level of 7,000 points. from the end of January. The positive market sentiment was accompanied by a decline in the value of the dollar against the basket of currencies, including the zloty (to around 3.59), which, on the wave of optimism, also strengthened against the euro to 4.24 – this is how PKO BP analysts commented on the situation.

The weakening dollar remains supportive for the zloty. The EUR/USD rate reached the level of USD 1.18 compared to USD 1.14 observed in mid-March. A weakening dollar usually supports the valuation of currencies from emerging markets, such as: Polish zloty.

As a result, the dollar on the domestic interbank market on Wednesday morning cost PLN 3.5965. These are some of the lowest valuations of the American currency since the US and Israel started the war with Iran. Compared to the March peaks, the USD/PLN exchange rate has already decreased by 15 cents, which is positive information in the context of fuel prices in Poland.

The Swiss franc cost PLN 3.6051 and was valued only slightly higher than the day before. Also in the case of the CHF/PLN pair, there was a decrease of nearly 20 groszy over the previous four weeks. However, in the morning the British pound was worth PLN 4.8774.

K.K

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