Poland's central bank unexpectedly left interest rates unchanged at 5.75%, boosting Polish sovereign bond yields and the attractiveness of the Polish Zloty.
GBPPLN has surged in dramatic fashion to its highest level since March following what foreign exchange analysts are labelling as a mistake at Poland's central bank that will result in further heightened volatility.
Global market rebound, NBP policy rejuvenates PLN, roaring reverses much of GBP/PLN, USD/PLN rallies.
The Polish Zloty remained under pressure against many currencies in the final session of the week as Russia’s invading force encroached upon the Ukrainian capital.
Further gains by the currency would be consistent with the NBP's monetary policy objectives, effectively welcoming strength in its exchange rates.
PLN outperforms USD, GBP et al on NBP rate stance, withstands USD rally following Fed’s hawkish signal.
The Zloty’s recovery from recent all time lows has stalled in the wake of December’s National Bank of Poland (NBP) policy decision and some forecasters are warning the Polish currency may be on the cusp of another turn lower that would likely lift GBP/PLN into the new year.
The Polish Zloty rallied against all counterpart currencies alike in the penultimate session of the week, furthering a recently emerged trend that already makes it the top performing currency on the market this week and it could yet rise further in the days ahead.