Exchange rates October 6, 2022 Dollar, euro and pound strengthen after President Glapiński’s speech

Dov Herman

3 years ago

On Tuesday, October 6, 2022, exchange rates are strengthening against the zloty. The dollar is the strongest today and is gaining 2.22%. In turn, the euro and the pound gain 1.49% and 0.80%, respectively. The main reason for the weakening of the Polish currency is today’s speech by the President of the NBP, Adam Glapiński. Check the exchange rates before the end of today’s session.

The dollar is today the strongest currency against the zloty
EUR / PLN exchange rate gains almost 1.5% on Thursday
The pound is also above the line

Currency pair
Name
Course
The currency pair is quoted during today’s session

EUR / PLN euro 4.9800 + 2.22% USD / PLN dollar 4.8870 + 1.49% GBP / PLN pound 5.5624 + 0.80%

The EUR / PLN exchange rate broke the key resistance today

During today’s session the euro is gaining over PLN 0.07. Thus, the EUR / PLN rate managed to break the key resistance at PLN 4.8210 and continues the rally up. The single currency is also moving 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 at 06/10/2022 During today’s session, 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. 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 gaining over 10 groszy today

The dollar gains over PLN 0.10 on Thursday, which makes it the strongest currency strengthening against the zloty. The USD / PLN exchange rate rebounded from the support and resistance zone oscillating around the level of PLN 4.80 and currently continues 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 6, 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 approaching a key resistance

The GBP / USD exchange rate is rising today by 0.80%, which is over PLN 0.04. It is worth noting that the British currency has rebounded today from its 200-day moving average (MA). Currently, the pound is approaching the key resistance marked in green in the graph 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 10/06/2022 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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