The euro exchange rate is at PLN 4.25. Currency markets remain calm

The euro exchange rate once again unsuccessfully attacked the level of PLN 4.25. The currency market is stabilizing while waiting for the situation in the Middle East to be resolved. Now investors are positioning themselves for the upcoming meetings of the most important central banks.

On Tuesday at 9:34 the euro exchange rate was PLN 4.2478. Earlier, the euro-zloty pair once again attacked the level of PLN 4.25 in recent days, but again without much success. Not much has happened on the zloty market for several days, despite the still blocked Strait of Hormuz and crude oil costing over one hundred dollars per barrel.

– Despite the price of Brent crude oil remaining above USD 100 per barrel, markets still assume the possibility of a diplomatic solution to the conflict, which limits the scale of the increase in risk aversion – said PKO BP economists. – As a result, the zloty pairs we observed remained in local consolidations, limited by the ranges of 4.24-4.25 on EURPLN and 3.61-3.64 on USDPLN – they added.

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Now the world's most important central banks are entering the game. On Tuesday, the Bank of Japan, as expected, decided to keep interest rates unchanged, but 3 out of 9 policymakers opted for increasing them. The Federal Reserve is expected to make the same decision on Wednesday. The Bank of England and the European Central Bank will decide on Thursday, and the level of interest rates is also expected to remain unchanged. The same as in the case of the National Bank of Hungary (decision on Tuesday).

Meanwhile, the US dollar was strengthening again around the world. In the morning the EUR/USD rate fell below USD 1.17 again. On the Polish market, this resulted in an increase in the dollar price by 0.7 groszy, to PLN 3.6309. However, such a move does not change the situation on the dollar-zloty pair.

The Swiss franc was valued at PLN 4.6044, one penny lower than the day before. This is the result of a significant increase in the EUR/CHF exchange rate, i.e. the weakening of the Helvetic currency in relation to the euro. As a result, the CHF/PLN exchange rate approached the two-month minimum (PLN 4.5823) from mid-April.

However, the local mini-uptrend continued in the pound-zloty pair. In the morning the price for sterling was PLN 4.9069. The pound has increased in price by over 5 cents since last Friday.

K.K

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