Although we had a new record (at 1,5911), its was just a notch above the previous peak from the March 17th and the market clearly was not certain of another appreciation wave of the euro. The data was mixed – higher gap in trade and hawkish ECB supported the euro but the bullish initial claims report plus higher than anticipated rise in import prices were against. It still looks as the demand side did not give up and may try its strength soon. The situation was a bit clearer on the USDJPY, where the resistance at 102,60 proved successful and given a deterioration in moods on the stock markets, the market is looking at the support around 98,60 – 98,80.
Meanwhile, the mood on the Polish forex is more than bullish. The USDPLN was down at a mere 2,1580 and the EURPLN at 3,4150 on Friday, which marked gains (of the zloty) of almost 3% and 2% respectively. Afterwards we saw some profit taking, but the sentiment remains very good as investors await a wave of Polish macroeconomic reports for March which are due next week.
Przemysław Kwiecień  |
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