Currencies: Gold regains confidence. For the dollar may be the worst week since 2009 – Virtual Poland

The end of the week brings a further appreciation of the zloty. It turns out that investors do not shun lending Poland. It promotes decrease in quotations of the euro and the dollar. In particular, the American currency is under strong pressure.

Despite reductions for Polish rating agency Standard & amp; Poor’s votes and undermine the credibility of our country among foreign investors, the latest auction of government bonds fared favorably.

The basic offer the Ministry of Finance sold securities for 7.5 billion zł. Demand, however, was much larger – exceeded 11.5 billion zł. This is good news for the zloty, which gains on Friday in value. One dollar costs slightly below the 3.95 zł. For the euro you have to pay 4.41 zł.

Especially good looks gold against the US currency. In the last 10 days trading fell about 20 cents of 4,15 zł. At this could not finish.

– Nearest support for a pair of dollar-gold is 3,907 – says Konrad Ryczko, an analyst at DM BOS. Expert reserves at the same time, the slowdown in the downward trend on the dollar on the broad market shows that also on USD / PLN may have to rebound from the vicinity of 3.94 zł.

If the end of the day to continue the downward trend on the dollar this may be the worst week for him since 2009. – After four full sessions of the American currency lost more than 3 per cent., Which, as the FX market and the main instrument of this market is a rarity – notes Matthew Adamkiewicz. Analyst HFT Brokers indicates that the last time the dollar trading so poorly looked in March last year, but eventually managed to make up for losses. This time may be similar, but there is one very important condition. This chance is the labor market.

– This is for the moment the brightest spot in the US economy, which shows no signs of slowing down. We are already very close to full employment, and yet a month ago we met a sensational reading of the monthly change in non-farm payroll – notes Adamkiewicz. Today will be possible to verify whether in fact the situation is so good. About 14:30 the latest data present Bureau of Labor Statistics.

– The recent disappointing almost all other data from the US economy, a slowdown is increasingly widoczne.Tego all could not help noticing the Fed, which his last message clearly suggested that the next rate hike will have long to wait. The more so that in addition to the internal situation in the US, fears it introduces the state of the global economy and turbulence in financial markets – says expert HFT Brokers.