Investors waiting until next week

At present there is very little activity on the market as investors seem to be holding off serious decision making until next week. In our opinion there is a small chance that the zloty will gain in value. We don't anticipate any positive news from the political arena this week, so we expect that the zloty is going to remain weak (above 3% deviation from the old basket parity). Investors on the international market are waiting to hear news of macroeconomic figures from the USA, with important data concerning GDP growth set to be released on Thursday. If market expectations are confirmed and GDP in Q1 2004 rose by 5%, the dollar should rise further. The first support for EUR/USD is now at the 1.1830 level. After breaking that level, we expect a further downward move to 1.1760.
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