The Polish zloty continues to decline. We slowly have to get used to around 4.35 zlotys, unless this movement goes further. The data from the UK is not impressive, but gold is approaching new records.
The Euro Rate Again Above 4.35 Zlotys
Capital outflow across the ocean means that currencies from our part of the world are not in a good position. Both the Polish zloty and typically grouped with it in one basket, the Czech crown, and forint are under clear pressure. The last time we saw such an expensive euro was in June when the rate reached 4.38 zlotys for a moment. However, the longest maximums are still being set by the forint, which was last so cheap against the euro almost two years ago. Therefore, these are references to the peaks set when capital was still fleeing from our region in the first year of the Russian invasion of Ukraine.
Less Bad Data from the UK
Yesterday, we saw data on retail sales in the UK according to the Confederation of British Industry. The indicator was -6 points, which is a weak result. However, expectations pointed to -8 points, i.e., a result 2 points worse. It is worth noting that in the last year, only three surveys showed a reading above 0. The markets reacted quite neutrally – the pound barely changed its value after the data was published. As you can see, the improvement was not strong enough to be happy about pessimistic readings.
Gold Again Attacks Price Records
We currently have two problems in the market. On the one hand, falling interest rates are shifting investors’ interest to investments whose rate of return is not directly related to the level of rates. On the other hand, the expected economic slowdown makes the typical alternative to bonds, namely the stock exchange, seem not so attractive. Therefore, precious metals are of great interest. This morning, gold was again approaching all-time price records, stopping just a few dollars short.
Today in the macroeconomic data calendar, pay attention to:
15:00 – USA – Consumer Confidence Index (Conference Board).
The data appears at 15:00, not as usual at 16:00, because the time change in the USA will only take place next weekend, and it has already occurred in Europe.
Maciej Przygórzewski – chief analyst at InternetowyKantor.pl
Source: https://managerplus.pl/kurs-euro-stabilnie-powyzej-435-zl-zloto-zbliza-sie-do-rekordow-45192
