PLN strengthens against GBP
The graph belows shows the PLN rate falling against GBP since the start of July 2009:
Last week corporate earnings in America caused a worldwide rally for markets, sending many of the higher yielding currencies to the top of their ranges. However with significant unknowns remaining in the global economy, most failed to break key support levels and stayed within recent ranges as we await further evidence of recovery.
Internationally inflation continues to decline, with consumer prices falling across the US, UK and eurozone. Polish core inflation fell to 2.5% in June, while current account figures showed a EUR207 million surplus, supporting the zloty as it indicated reduced dependence on foreign lenders.
These figures helped the zloty to a near three-month high against the euro, climbing to 4.2767. At present Poland is the only Eastern European nation to avoid recession, with the economy growing by 0.8% in the first quarter. This is in comparison to Hungary which shrunk -6.7%, the Czech Republic which shrunk by -3.4% and Slovakia which declined by -5.6%.
Yet while investors in Poland are well placed compared to the rest of Eastern Europe, zloty exchange rates remain closely linked to international appetite for risk. This is causing currency volatility making timing even more important for currency transfer.
This forecast was supplied by Currency Solutions:
If you need to transfer zloty, or any other currency, speak to Martin Fox, senior currency broker at Currency Solutions to ensure you get the best exchange rates and reduce your currency risk.
To see how much you could save, send us an enquiry or give Martin Fox a call on +44 (0)207 740 0000. We look forward to speaking with you.