On Monday, May 23, 2022, the exchange rates in the market weaken against the zloty. The pound and the franc are losing 0.37% and 0.36%, respectively. The weakest currency against the zloty today is the dollar, which loses as much as 1.44%, while the euro is the strongest. The sell-off of the single currency is 0.10% at the beginning of this week. Check how much EUR / PLN, dollar USD / PLN, pound GBP / PLN and franc CHF / PLN costs before the end of Monday’s session.
The dollar is the weakest in the currency market
EUR / PLN without major changes on Monday
The pound is losing more than PLN 0.02 today
CHF / PLN also below the line
Currency pair
Course
Name
EUR / PLN 4.6090 euro USD / PLN 4.3100 dollar GBP / PLN 5.4210 pound CHF / PLN 4.4620 franc.
Table of Contents
The dollar exchange rate (USD / PLN) is close to the round barrier of PLN 4.30
The dollar exchange rate starts the current week with a significant discount, which amounts to as much as PLN 0.06. Thus, the US currency continues last week’s decline and is approaching the round barrier of PLN 4.30. From a technical analysis point of view, the dollar broke the 50-day exponential moving average (EMA) today, which is an additional sign of weakness. In the longer term, however, the dollar should continue to strengthen against the zloty, which confirms the hawkish attitude of the Fed and further interest rate hikes in the United States. It is also worth taking into account the ongoing conflict between Russia and Ukraine – the exchange rate of the zloty is more dependent on the course of the war.
Euro exchange rate (EUR / PLN) no major changes on Monday
The euro is losing the least today. Looking at the EUR / PLN chart, we can see that the rate is still close to the zone between the 50-day EMA and an important support at PLN 4.6150. A sharp breakthrough of one of the exchange levels should set the direction of the future medium-term trend. Analyzing the previous moves, we can see that the euro rate rebounded from the support at PLN 4.4890 and recorded a rally in which it gained over 50 groszy within two weeks. The single currency only stopped when the psychological barrier was below PLN 5.00.
The pound (GBP / PLN) drops below the support at PLN 5.4590
The pound is losing 0.37 percent today. Thus, the British currency, after the period of consolidation between the 50-day EMA and the support at PLN 5.4590, broke the second level and went down. The upcoming sessions may therefore bring a continuation of the pound’s depreciation.
The pound, like other currencies, took advantage of the zloty’s weakness after the conflict between Russia and Ukraine. As a result, after a strong rebound from the key support at PLN 5.3200, it started a series of increases in mid-February. The GBP / PLN exchange rate stopped only near the circular barrier of PLN 6.
The franc (CHF / PLN) is losing almost PLN 0.02 today
The franc exchange rate – similarly to the dollar, euro and pound – stabilized in April and is now trying to strengthen against the Polish currency. Looking at the chart, we see that the rate is falling at the beginning of this week and is trading in the support and resistance zone at 4.4690 – 4.4880.
