19:39 24 February 2022
Markets go crazy after the Russian invasion of Ukraine
Contrary to the expectations of most experts, Russia attacked Ukraine. The magnitude of this attack creates panic in the markets. Whether we are talking about currencies, commodities, or stock markets, a lot is happening today. Even cryptocurrencies are not bypassed by anxiety.
"The Polish currency is losing extremely strongly because it is adjacent to all three actors of these events. During the day the euro has increased by over PLN 0.1 and now costs PLN 4.64. The Swiss franc and the US dollar went up more, gaining PLN 0.12 or so each. Swiss, reaching the level of PLN 4.53, terrifying for borrowers in Swiss francs – was the most expensive since the memorable 2015. If the situation in the east escalates, we will still miss such a strong zloty," Maciej Przygórzewski, the main currency expert of Currency One, assessed.
It is even more serious on the stock exchanges. Russia's main dollar-denominated stock index was temporarily overrated by more than 50 percent. Currently, it loses only 1/3 of its value from the beginning of the day. Polish indices are going down almost 10 percent. It is calmer in the West, where the main German and French markets drop by "only" 4 percent.
