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The zloty reacted to Glapiński’s words regarding the level of interest rates this year. The exchange rate of the euro and the franc has dropped significantly, but the dollar and pound are already rising.
On Thursday, February 8, the National Bank of Poland published information on average exchange rates. The next table will be presented on Friday, February 9 on the NBP website. New data is expected between 11:45 a.m. and 12:15 p.m.
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Average NBP exchange rates – Thursday, February 8, 2024. [kurs dolara, funta, euro, franka]:
- euro exchange rate: PLN 4.3449;
- dollar exchange rate: PLN 4.0292;
- Swiss franc exchange rate: PLN 4.6166;
- pound sterling exchange rate: PLN 5.0892.
Currency rates – Friday, February 9, 2024 [kurs dolara, euro, franka, funta, hrywny i rubla]:
The President of the National Bank of Poland, Adam Glapiński, said that he “does not see any prospects for a majority in the Monetary Policy Council to support a reduction in interest rates by the end of the year.” He stipulated that decisions would be made from meeting to meeting, but the forex market immediately reacted to these words anyway. He reacted by strengthening the zloty. Bartosz Sawicki, an analyst at Cinkciarz.pl, noted that the Polish currency strengthened by 0.5 percent during the conference. The euro, dollar and franc fell by about 2 groszy, and the pound by as much as 3 groszy.
The zloty also remained strong on Friday morning, although it is slightly losing against some foreign currencies. The Swiss franc remains below the psychological barrier of PLN 4.60. It is falling at a rate of 0.06%. and costs PLN 4.59. The euro is also becoming cheaper, falling at a rate of 0.02%. and costs PLN 4.33. Meanwhile, the pound sterling and the dollar are growing at a rate of 0.03%. However, they still remain at a low rate. They cost PLN 5.07 and PLN 4.02 respectively. Even on Thursday, the dollar did not break down the 4 zloty mark. Let us also note that the Russian ruble costs PLN 0.0441 and the Ukrainian hryvnia – PLN 0.1072.
Macroeconomic calendar
Below is the calendar of macroeconomic events for Friday, February 9, 2024, prepared by Macronext analysts:
- 08:00 Germany: Fin consumer inflation, January
- 08:00 Norway: PPI inflation (y/y), January
- 08:30 Hungary : Consumer inflation, January
- 10:00 Italy: Industrial production (m/m), December
- 14:00 Poland: Minutes of the Monetary Policy Council meeting, January.
