Currency report: Slow start, strong finish

However, it played its part well only until Thursday morning, when a rise in demand for złoty occurred after some unfortunate comments leaked out of the Finance Ministry.

The days preceding Thursday didn't bring about any significant changes in the EUR/PLN rate, despite political unrest in Slovakia, which could have been expected to hinder the złoty somewhat. USD/PLN was more volatile, even breaking over the zł.3.20 resistance temporarily, thanks to the dollar's strong performance against the euro.

On Thursday the złoty fought its way back, though, after a high government official hinted that new Polish treasury bond issues targeted specifically at investors from abroad were being planned. The revelation was denied soon after, but the damage had already been done - EUR/PLN was on its way to zł.3.78 and USD/PLN dropped to zł.3.15 by Friday.

The złoty seems to have coped well with threats emerging from political crises not only in Poland, but in the whole region of Central and Eastern Europe.

Krzysztof Kowalczyk

WGI Dom Maklerski