After several better sessions, the euro is rising for the second day in a row, and the Polish złoty is giving back last week's gains. The dollar is also rising, becoming the most expensive on the Polish market in a month.
At 9:14 on Tuesday, the euro was up by more than a grosz, reaching PLN 4.2497. A day earlier, the EU currency had gained 0.8 grosz after the euro-zloty pair hit its lowest level since April 9 on Friday.
So we are dealing with a return movement to the PLN 4.25 line broken at the end of last week. For now, however, the scenario of the EUR/PLN exchange rate falling to the PLN 4.20 region remains in play. Or at least the debt, as well as the euro exchange rate, will not return permanently above the PLN 4.25 level.
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It is worth noting that the złoty was not helped by the improvement in sentiment on global financial markets, which occurred after the signing of a temporary customs agreement between the governments of China and the USA. The Polish stock market also ended Monday's session in poor style.
Perhaps the explanation for this state of affairs is the strong increase in US bond yields and the accompanying strengthening of the dollar against the euro. As a result, the USD/PLN exchange rate broke out of the spring consolidation range of PLN 3.70-3.80. On Tuesday morning, the dollar cost PLN 3.8165 after rising by as much as 4.5 groszy on Monday.
The Swiss franc recovered its losses, gaining 2.8 groszy and being valued at PLN 4.5393. However, in the case of the franc-zloty pair, a local sideways trend in the range of PLN 4.50-4.60 remains in play.
The British pound rose by more than two groszy, to PLN 5.0503. This is the highest the pound-zloty pair has been since early March. However, the GBP/PLN exchange rate remains in the PLN 4.90-5.10 range, where it has been for most of this year.
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