On Monday, October 10, 2022, exchange rates weaken against the zloty, although the scale of the decline is not significant. The pound is the weakest today and is losing over 0.2%, while the euro is moving 0.18% below the mark. The dollar is the only one that managed to defend itself against the temporary strengthening of the Polish currency and is gaining 0.29%. Check the exchange rates before the end of today’s session.
The dollar is the only one to gain against the zloty
The euro continues its decline on Friday
The GBP / PLN exchange rate is approaching the 200-day MA
Currency pair
Name
Course
The currency pair is quoted during today’s session
EUR / PLN euro 4.8470 -0.18% USD / PLN dollar 4.9990 + 0.29% GBP / PLN pound 5.5160 -0.21%
The EUR / PLN exchange rate dropped below PLN 4.85 today
During today’s session the euro is losing almost PLN 0.01. Last week the EUR / PLN rate managed to break the key resistance at 4.8210 PLN and continued the rally up. The single currency has also moved away from the 50-day Exponential Moving Average (EMA), which is an additional signal to growth. The euro has recently been in a strong upward trend, which means that the recent declines were treated by investors as temporary corrections.
Euro rates. EUR / PLN currency pair as of 10/10/2022 At the beginning of October, the European Central Bank presented the minutes of the last ECB meeting. European Central Bank politicians fear that inflation could get stuck at an unusually high level, so aggressive policy tightening is necessary, even at the cost of weaker growth. Moreover, the ECB raised rates by 75bp at the last meeting and signaled further hikes, fearing that the fast inflation might take root, making it even more difficult to break.
The USD / PLN exchange rate is approaching the round level of PLN 5
The dollar is today the strongest currency against the zloty and breaks the resistance at PLN 4.9890. The USD / PLN exchange rate rebounded a few days ago from the support and resistance zone oscillating around the level of PLN 4.80 and is now continuing the rally to the highest peak this year, just below the psychological circular barrier of PLN 5. In September, the American currency managed to strengthen against the zloty by an impressive 25 groszy. During the rally, the dollar broke the key resistance of PLN 4.80. The upward trend was additionally supported by the green support line drawn from June this year
Dollar quotes. The USD / PLN currency pair as of October 10, 2022 Additionally, the American currency is helped by the ADP report published on October 5, showing the number of people employed in the private sector. The report shows that in September this year. the American economy created as many as 208,000 new jobs, which is a better result than last month’s (185,000) and than expected by economists (200,000).
The pound is close to the 200-day MA
The GBP / USD exchange rate is falling today by 0.21%, which is over PLN 0.01. It is worth noting that the British currency is approaching the 200-day moving average (MA), which is also a moving support line. In case of a return to gains, we see that the pound will approach the key resistance marked in green on the chart below. The recent appreciation of the pound resulted from the decision of the Bank of England, which decided to purchase treasury bonds and reprint money.
Pound quotes. GBP / PLN currency pair as of 10/10/2022 Sterling has also rebounded recently after the Bank of England stepped in to calm the markets and Kwarteng reversed its decision to abolish the highest income tax rate.
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