Currency rates on Friday, July 28. The dollar began to strengthen against the zloty, and at the same time the euro weakened against the dollar. What’s going on? There are several reasons.
On Thursday, July 27, the National Bank of Poland published information on average exchange rates. The next table will be presented on Friday, July 28 on the NBP website. New data should be expected between 11:45 and 12:15.
NBP average exchange rates – Thursday, July 27, 2023 [Kurs dolara, funta, euro, franka, rubla, hrywny]:
EUR exchange rate: PLN 4.4224; dollar exchange rate: PLN 3.9702; Swiss franc exchange rate: PLN 4.6383; sterling exchange rate: PLN 5.1585.
Live exchange rates – Friday 28/07/2023 [Kurs dolara, funta, euro, franka, rubla, hrywny]:
The dollar recently stayed close to the psychological level of PLN 4. On Friday morning, its price increases by 0.18 percent, and one “green” costs PLN 4.03. It is worth noting that just yesterday during the day the US dollar was at PLN 3.97. What’s going on? On Thursday, the US presented preliminary data on GDP for the second quarter of 2023. According to the announcement of the Bureau of Economic Analysis of the Department of Commerce (BEA), gross domestic product (seasonally adjusted) increased by 2.4 percent. in an annualized approach. This is well above the expectations of economists, who expected 1.6-1.7 percent. In the first quarter, GDP finally increased by 2%. (although preliminary data spoke of an increase of 1.1 percent). Data from the US may affect the Fed’s next interest rate decisions (on Thursday, as expected, the US interest rates were raised by 25 basis points to 5.25-5.50%).
Kurs dolara Grafika: Stooq.pl
The dollar was happy not only after the announcement of positive economic data from the US. On Thursday, the European Central Bank raised interest rates by 25 bp (this means that the refinance rate is rising to 4.25 percent and the deposit rate to 3.75 percent). “Strong macro data from the United States and the conference of President Lagarde from the ECB, which after the ECB rate hike did not rule out a pause in the tightening cycle at the current levels of interest rates, put downward pressure on the eurodollar” – comment analysts of the website XTB .
Euro to dollar exchange rate Graphics: Stooq.pl
EUR/USD is currently trading at $1.096 down 0.15%. For comparison, just yesterday the exchange rate of the euro against the dollar was 1.115 dollars. “The data from the US overshadowed the conference of Ch. Lagarde, the head of the ECB, and led EUR/USD from a big increase to a big drop. Stocks do not seem to see it, because investors assume that the data is an announcement of a soft landing, not more rate hikes. Probably wrong assume” – writes Piotr Kuczyński, Xelion analyst.
And what is the situation with other currencies? The euro costs about PLN 4.42 (an increase of 0.08%), the Swiss franc will cost PLN 4.64 today (the currency gains at a rate of 0.12%), while the pound sterling with a decrease of 0.04%. it costs PLN 5.15. One ruble is PLN 0.0443 and the Ukrainian hryvnia is PLN 0.1075.
Macroeconomic calendar
Below is a calendar of macroeconomic events for Friday, July 28, 2023, prepared by analysts Macronext :
09:00: Poland – Labor Market Index according to BIEC, July (current: 67.4; previous: 67.6); 10:00: Germany – Gross Domestic Product preliminary, Q2; 11:00: Eurozone – Economic situation, July; 14:00: Germany – Consumer inflation early, July; 14:30: USA – American Spending Report, June; 14:30: USA – American income (m/m), June (forecast: 0.5 percent; previous: 0.4 percent); 14:30: US – Employment Cost Index (q/q), Q2 (forecast: 1.1%; previous: 1.2%).
2023-07-28 05:25:00
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