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The dollar is strengthening against the złoty, and the pound is near a 2-year high
The dollar and pound are rising, while the market waits for the NBP decision
The morning brought further gains for the U.S. dollar, which usually weighs on the złoty. At 9:20, the dollar was trading at 3,9048 zł, or 2,3 grosze more than a day earlier. For someone exchanging money, that means the difference becomes noticeable quickly with a larger amount, even though the morning move itself was not sharp.
In the case of the euro, the change was much smaller. The EUR/PLN rate rose by half a grosz and reached 4,3763 zł. On Tuesday, the euro weakened by more than a grosz after setting the highest closing rate since January 2024 on Friday. The current level therefore looks more like a short-term correction than a clear shift in sentiment.
At these rates, 1000 zł would buy about 256 dollars or around 228 euro today. When exchanging 5000 zł, the difference between Tuesday’s and Wednesday’s dollar rate is already about 2,9 dollars. That is not much for small amounts, but it matters more for trips abroad, corporate settlements or foreign transfers.
The most important event of the day is expected to be the decision by the MPC. Economists are almost unanimous in expecting NBP interest rates to remain unchanged, although the market is also pricing in a 25-basis-point hike already today. Bank economists say the statement after the decision and tomorrow’s press conference by the NBP governor may be key.
Against the złoty, the dollar remains strong. EUR/USD is testing this year’s lows around 1,12 USD, and on Monday it fell to its weakest level since May last year. It is this dollar strength that is also weighing on other emerging-market currencies. In the morning, the British pound was trading at more than 5,17 zł, while the Swiss franc cost 4,6866 zł.
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