The Polish zloty surged against the euro yesterday as European economies start to reopen once again. Bears are looking to reel in the pair lower to its support area by the first half of June. The zloty is currently trading at its highest level since March against the euro this Wednesday. The zloty has regained about half of its losses against the euro. With most economies in the region starting to gradually reopen, the currencies are also recovering. But looking at the performance of the Polish zloty earlier this month, it’s evident that it had a rough time trying to redeem itself against the single currency. Luckily, bears were able to gather momentum to eventually force the pair lower. It appears that the recent decision of the Hungarian central bank helped boosted the Polish zloty, giving it strength to rally against the bloc’s euro. It was reported that the National Bank of Hungary left its interest rates unmoved, supporting the forint and zloty in sessions.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.