Earlier this month, the Polish central bank signaled that it’s highly concerned about the strength of the Polish zloty. According to the central bank, it prefers the zloty to be weaker to help the economy recover much more efficiently amid the coronavirus pandemic. This paved the way for the euro bulls to force the pair higher towards its resistance level in the sessions. Looking at it, both the zloty and the euro are relatively weak, but the tides are still in favor of bulls. Moreover, investors of the exchange rate are focusing their attention on the presidential elections in Poland. Conservative President Andrzej Duda is facing the current mayor of Warsaw and Liberal party candidate Rafal Trzaskowski in the upcoming second round of voting in the country due in two weeks’ time. The results would have a significant impact on the direction of the Polish zloty as it would determine the approach of the government’s coronavirus rescue and recovery plan.
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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.