TMS FX daily Commentary

The EUR/PLN rate went up from 4.7350 in the morning to 4.7500. The USD/PLN fluctuated between 3.8400-3.8650. Political issues are still the most important factor affecting the złoty's value. The question of Marek Belka's ability to create a new government remains pivotal for the market. Investors are closely observing his numerous meetings with representatives of various political parties. Yesterday's decision of the Monetary Policy Council to keep interest rates unchanged had very little impact on the złoty. The MPC emphasized that it could switch to a restrictive monetary policy at its next meeting.