21:39 29 June 2020
Post by: WBJ

Currency market does not respond to results of presidential election

Currency market does not respond to results of presidential election
Source: Pxhere

The results of the first round of presidential elections did not affect the zloty exchange rate or the yield on Polish bonds, according to the economists of Polish banks. But they indicate that the markets will follow the campaign more closely before the second round.

"Currently, the main topic on financial markets is the increase in Covid-19 incidence in the US, which is significantly accelerating in states generating more than 10 percent of American GDP. Hence, the declines on the stock exchange, weak EUR/USD and EUR/PLN return to around 4.47,” mBank wrote.

Other banks also pointed to the lack of interest in the markets in Polish elections.

"We believe that the results of the first round of presidential elections are neutral for the zloty exchange rate and Polish bond yields," Credit Agricole analysts said.

The same opinion is expressed by experts from Pekao. In turn, Millennium economists have indicated that slightly more emotions in the markets can arouse the second round, because its results are burdened with greater uncertainty.

"The differences between the candidates are insignificant and every result is possible, although the available information gives Andrzej Duda a little more chance of winning. This means that the next two weeks will be a period of an aggressive election campaign during which new fiscal proposals may appear, although it seems that much has already been proposed and the focus is on the pandemic and the crisis caused by it, " Millennium economists claimed.

The second round of presidential election will take place on July 12.


credit agricole
presidential election
curency market
millennium bank

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