Zloty stronger, despite worse sentiment towards risky assets

Friday saw a noticeable strengthening of the Polish zloty – the zloty exchange rate against the euro fell even below 4.52, and the zloty against the dollar to around 3.72. Apart from local factors, the appreciation of the Polish currency was the result of an increase in the euro-dollar exchange rate to 1.2150.

In Poland, the key publication was GDP for the entire 2020, which shrank by 2.8 percent, which is perceived as a positive signal, taking into account even greater drops recorded in many other European countries.

The strength of the zloty was also supported by the strengthening of other emerging market currencies. The appreciation of risky currencies took place even despite moderate sentiment towards risky assets, after information pointing to 66 percent. The effectiveness of the Covid-19 vaccine from Johnson & Johnson was one of the reasons for the decline in stock indices.

(money.pl)