The dollar to zloty exchange rate rose, reaching just over PLN 3.84 at the end of the day. They also paid a little more for the euro, which cost PLN 4.28. At the same time, the zloty performed slightly better compared to the franc, which would not consider Monday a success. The Swiss currency weakened against the Polish zloty and at the end of the day it stood at around 3.55 Polish zloty.
The dollar took advantage of the opportunity
Initially, the turn of market events favored the zloty, which benefited from a weak dollar. quotes EUR/USD reached the level of PLN 1.12. But the situation changed dramatically after the optimistic speech delivered by the President of the European Central Bank, Christine Lagarde, before the Economic and Monetary Affairs Committee of the European Parliament. According to the President of the European Central Bank, inflation in the eurozone is on track to return to target, and the economic recovery should continue. In response, the euro began to fall against the dollar, eliminating opportunities for the local currency to strengthen. Lagarde’s words may fuel speculation that the European Central Bank will accelerate its path to lower interest rates. The dovish suggestions coincide with lower-than-expected inflation readings in Germany, France and Spain – note XTB analysts.
