21:40 5 July 2022
Post by: WBJ

Dollar most expensive in more than 20 years

Dollar most expensive in more than 20 years
Source: Photo by Adam on Unsplash

On the wave of the intense dollar strengthening, the zloty is weakening against major global currencies. At midday on Tuesday, the euro rose by almost 4 cents, exceeding PLN 4.74, but then went down to PLN 4.73, reaching PLN 4.75 at 4 pm. At the same time, the Community currency weakened markedly against the dollar, slipping below 1.03 – its lowest level since 2003 – and the franc, falling to nearly 0.992 – its lowest level ever outside of the memorable January 2015, when the Swiss unexpectedly broke the peg to the euro.

The euro is dragging the zloty with it, and as a result, USD has already cost more than PLN 4.63 at 4:00 pm, the franc: nearly PLN 4.79, and the pound close to PLN 5.54 – in the morning, they were paid 12, 10 and 8 cents less on the forex market, respectively. The USD/PLN exchange rate hit its highest level of the 2000s, slightly above the March 7 peak this year, and the CHF/PLN exchange rate was pushed to its highest level since March. 

"We are on a wave of global risk aversion. In the background, there are grave concerns about a global recession. This calls for great caution and prudence in fine-tuning monetary policy," Piotr Bujak of PKO BP twitted.


pko bp
piotr bujak

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