The Polish zloty extended its rally for the eighth consecutive day against the euro as the estimates of the Economy Ministry showed that the economy grew with the increasing pace, igniting the speculation that the central bank may raise the interest rates. The Polish currency dropped against the U.S. dollar slightly.
The Polish zloty strengthened today after Bronislaw Komorowski won in the presidential election, spurring the hopes that his victory would help to reduce the nation’s budget and to adopt the euro in 2015.
The Polish zloty pared its yesterday’s gains against the U.S. dollar and dropped versus the euro today on the concerns about the widening European
The Polish zloty was weakened today as the concerns about the outcome of the debt crisis in the European Union increased after Germany banned short selling.
The Polish zloty dropped today against the U.S. dollar to the lowest level since July 2009 on the speculation the fiscal crisis in the European Union may lead to slower global economic recovery, eroding appeal of the developing nation’s currencies.
The Polish zloty declined after the central bank’s intervention to prevent further appreciation, yet the currency remains “too strong” in Deputy Finance Minister’s opinion.
The Polish zloty’s appreciation may be restrained as the new head of the central bank will likely to continue the previous governor’s policy of curbing the gains in the nation’s currency.
The Polish zloty is facing a scenario different from its neighboring currencies in the Baltics, central Europe and the euro as interest rates may rise in the following months to control the country’s growing inflation, helping the zloty to climb in forex markets this Thursday.
The Polish currency started another week gaining versus the euro as the economic recovery in the country and in other regions around the world, specially in North America, is making traders to bet in the zloty regionally, considering the Eurozone current crisis.
The Polish currency fell versus most of the main currencies from outside the European Union as the emerging budget problems in the region and an economic slow down among its trading partners decreased appetite for assets in the country.
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