Currency report: Can the złoty get stronger?

The week could be called the "week of central banks," as many financial institutions - the central banks of Canada, Australia, New Zealand, the UK and euro zone - announced interest-rate decisions. The main focus was on the decisions of the European Central Bank, which kept interest rates at 4.0 percent, and the Bank of England, which cut the main rate from 5.75 percent to 5.50 percent.

The GBP/USD reacted and declined from $2.0650 to $2.0310 over the course of the week. After climbing to $1.4760 in mid-week, the EUR/USD declined to $1.4640 on better-than-expected news from the US labor market.

No macroeconomic data were published in Poland, but declining global risk aversion helped the Polish złoty. The EUR/PLN dropped from zł.3.6175 all the way to zł.3.5780, while the USD/PLN declined from zł.2.4690 to zł.2.4435.

The Polish Monetary Policy Council's decision to hike the main interest rate by 25 basis points two weeks ago, to 5.0 percent, caused credit payments to increase.

Adam Narczewski, X-Trade Brokers Dom Maklerski SA