Currency report: Long-weekend lethargy
The złoty remained in the 4.16-4.19 range against the euro. Against the dollar, the Polish currency was locked in between zł.3.3150 and zł.3.34.
Hungary's forint hit an 11-month low against the euro on Wednesday. This could make the road to the eurozone more difficult for countries in our part of Europe.
Uncertainty about France's rejection of the EU Constitution worried the majority of investors. A "no" vote would send a strong political signal to slow the process of integration and wouldn't be particularly good news for the euro versus the dollar. Following that, what is bad news for the euro can be - from a global perspective - bad news for emerging European currencies as well.
The Monetary Poicy Council's (RRP) decision to leave the main market rate unchanged at 5.5 percent, was expected by investors. We saw a similar reaction to industrial production, which fell by one percent in April, and had little effect on the markets.
Marcin Golik
WGI Dom Maklerski
Hungary's forint hit an 11-month low against the euro on Wednesday. This could make the road to the eurozone more difficult for countries in our part of Europe.
Uncertainty about France's rejection of the EU Constitution worried the majority of investors. A "no" vote would send a strong political signal to slow the process of integration and wouldn't be particularly good news for the euro versus the dollar. Following that, what is bad news for the euro can be - from a global perspective - bad news for emerging European currencies as well.
The Monetary Poicy Council's (RRP) decision to leave the main market rate unchanged at 5.5 percent, was expected by investors. We saw a similar reaction to industrial production, which fell by one percent in April, and had little effect on the markets.
Marcin Golik
WGI Dom Maklerski
