Currency report: Złoty still strong
This information, and the US trade balance figure for April ($56.69 billion, less than markets forecasts), couldn't be bad for the greenback.
After last week, when the euro lost more than three cents, analysts and investors expected the same correction on the EUR:USD market. However, thanks to the dollar's good news, the US currency has locked between $1.22 and $1.23, holding close to an eight-month peak.
Most emerging market currencies traded with a softer bias during the week. The złoty is in a clear strengthening trend due to good sentiment towards emerging markets. The Polish currency could attempt to test the key psychological level of zł.4 against euro in the next few days. On Friday, speculation appeared that Finance Minister Mirosław Gronicki would not survive the upcoming no-confidence vote. Investors will watch the political scene closely over the coming days, which always makes for jittery markets.
Marcin Golik
WGI Dom Maklerski
After last week, when the euro lost more than three cents, analysts and investors expected the same correction on the EUR:USD market. However, thanks to the dollar's good news, the US currency has locked between $1.22 and $1.23, holding close to an eight-month peak.
Most emerging market currencies traded with a softer bias during the week. The złoty is in a clear strengthening trend due to good sentiment towards emerging markets. The Polish currency could attempt to test the key psychological level of zł.4 against euro in the next few days. On Friday, speculation appeared that Finance Minister Mirosław Gronicki would not survive the upcoming no-confidence vote. Investors will watch the political scene closely over the coming days, which always makes for jittery markets.
Marcin Golik
WGI Dom Maklerski
