On Friday, gold continues to weaken against the major currencies, which was the aftermath of Thursday’s decision of the Swiss central bank (SNB). Approx. 17:30 for 4.38 zł paid franc, the euro valued at 4.31 zł, and the dollar at 3.75 zł.
Brokerage analyst Konrad Ryczko BOS pointed out that during the Friday session zloty remained under the pressure of events on Thursday, again weakening in the lists to other currencies including the franc. – The reason for further pressure on the Polish currency was to maintain the strong franc on the market, as reflected in the valuations of riskier currencies. At the same time we saw some stabilization attempts on EUR / CHF after Thursday’s panic – the analyst noted.
According to him, the market is still not certain reasons that were behind the actions of the SNB and waiting for further signals from the institution.
– In a broader sense, investors have moved to next week’s ECB meeting, where the expectation run QE (buying bonds of euro area governments – PAP) can further weaken the euro against the Swiss franc – he added.
Also, an analyst at Brokerage mBank Kamil Maliszewski agreed that on Friday we had to deal with buggy session for the zloty. According to him, the main reasons for the significant weaknesses gold are associated with concerns about the rapid reduction of interest rates in Poland, which is becoming more likely in light of recent inflation data. They show clearly that the deflationary pressure in the Polish economy and increases in the first quarter, we can see readings even at minus 1.5 percent.
– Very unstable situation on the USD / PLN which is a consequence of the strong declines in the EUR / USD. This is due to the expectation of the markets on the ECB’s decision to introduce a program of quantitative easing as early as Thursday. Another important risk for the European currency could prove parliamentary elections to be held in Greece on January 25, and that the winners may be Syriza party, which until recently was in favor of leaving the euro zone by Greece – noted Maliszewski.
According to him, in this situation, it is expected that next week could bring further strengthening of the USD / PLN even towards 3.80, we can see a rebound until the end of the month.
– A pair EURPLN behaved today stable and we expect that the next day will support the strengthening of the Polish currency against the euro, and the EUR / PLN will be heading back out near 4.25. (…) The next day will bring probably high volatility on the CHF / PLN and it is not excluded that in the next week the franc will pay even 4.50 – predicts Maliszewski. Analyst reserved, however, that the current wave of strengthening should be transient, so you should expect that the exchange rate of CHF / PLN will stabilize in the coming weeks in the vicinity of 4.20.
On Thursday morning, the Swiss National Bank (SNB) announced that it ceases to defend its currency and releases its course. SNB maintained so far. pegged, which meant that the euro could cost less than 1.2 franc. This decision caused a panic in the markets and the exchange rate of CHF / PLN climbed during the day, even more than 5 zł, which was a historic level. Meanwhile, even on Wednesday afternoon Swiss franc cost 3.57 zł.
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