In the morning, the pound sterling was the weakest G10 currency and the dollar lost nearly 1%, which was due to the results of a weekend poll conducted by The Sunday Times, who first showed the advantage of support for the disconnection of Scotland from the UK. This solution was 47%, against 45%. So far this year, the smallest loss disconnect supporters (aside from biased research “Yes Scotland”, where she was a few times 3-4pp) was 5 percentage points in the survey at the beginning of July. Supporters of the united kingdom do not have much time – the referendum on 18 September.
Most major readings today took place during the Asian session, and early in the morning, where we met, among others, data from China, Japan, Germany and Switzerland. One of the most important figures known in the morning was inflation in Switzerland, which amounted to 0.1% y / y. This reading was particularly interesting because of the trends in the Swiss economy, where a few months the price increase is practically nonexistent. On the other hand, there is also deflation, which remained in 2011-2013, but the PPI back below zero, and the GDP in the second quarter slowed unexpectedly. Annual GDP growth in Switzerland is currently only 1.1%, the lowest in two years. You also need to remember that after the decision of the ECB to cut rates and the introduction of QE, the SNB will have to step up their efforts to keep the EURCHF currency pair at a minimum of 1.20. With such an aggressive policy of the ECB and the absence of policy changes on the part of the SNB, and also because of the very favorable economic situation in Switzerland, which confirms today’s inflation reading, the pressure naturally rises, which in the coming weeks could force the Swiss National Bank to activities aimed at weakening of the franc. The decision of the Bank, which we know once a quarter, September 18.
Gold, like other currencies, begins a week of clear appreciation against the pound, but lost against the dollar zyskującego globally. Investors in our market naturally all the time will also peek behind the eastern border. Over the weekend several times dopływały market information contained on Friday that a ceasefire is not respected, as confirmed by the Ukrainian minister of defense. At 9:20 we paid 3,2303zł dollar, the euro 4,1786zł per pound 5,2219zł, and the Swiss franc 3,4653zł.
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