December 6, 2022

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The dollar is rising, the Czech koruna sets a record.  Zloty Weakens After NBP . Publication

The dollar is rising, the Czech koruna sets a record. Zloty Weakens After NBP . Publication

After the NBP was published, the rate moved He wentBut it is not very positive. The Polish currency weakened against the dollar, the euro, the Swiss franc, and even the Czech krona.

The exchange rate of the zloty fell against the dollar and the euro after the NBP conference

As a result, the dollar rose 1.1 percent on Tuesday. Until 12.00 and its cost was 4.84 PLN, while before the NBP conference the price was about 4.78 PLN. The same dollar remains Most expensive since 2000.

Chart for: USDPLN

You also have to pay 4.84 PLN for the euro, although it was 4.80 PLN in the morning. The European currency rose against the zloty by 0.75%. It must be emphasized that the high price of the euro persists despite the weakness of the European currency against the dollar – the USD/EUR pair has already reached parity, that is, 1 US dollar equals 1 euro. There was no such situation on the market for 20 years, that is, in 2002.

As Przemysław Kwiecień, Chief Economist at XTB, emphasized in his analysis on the matter, an improvement in the zloty should not be expected without a “return” in the euro/dollar exchange rate. Kwiecień asserts that “even with the EUR/PLN only creeping along the upper boundary of the growth channel, we may approach 5 PLN per dollar.”

Chart for: EURPLN

The exchange rate of the Swiss franc also jumped – to about 4.91 PLN, from 4.87 PLN in the morning. This is a 0.8 percent increase.

Chart for: CHFPLN

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