Daily analysis

According to the ZEW Institute, better than expected evaluation of current Germany's and the eurozone situation has been overshadowed by much worse than consensus readings of economic expectations. Changes in the euro valuation have been limited - investors have been waiting for Jackson Hole. Trading of the Polish currency has been stable - better sentiment has been helping the market's situation.

After yesterday's depreciation, the US currency has been paring some losses. On the other hand, the aggravating Brexit process has set down new highs in the euro's value in relation to the pound since October 2009 (excluding "flash crash"). The polish currency trading has been characterised by low volatility.

A change in the situation before the beginning of the US stock market session - the dollar incurred losses and fell to the lowest level in a week. The zloty has been gaining on USD weakness - changes have not been large, but the USD/PLN pair has fallen to the lowest level since Thursday.

This week, the limited calendar of economic events has been influencing the currency market's calm start. The euro has incurred some losses before Friday's conference in Jackson Hole, but those losses have been relatively small. The zloty has been stable and the small fluctuation range has been likely to remain in the coming days.

The industrial output and retail sales growth rate in Poland has remained at a high level, however, the degree of increases of the headline indices missed expectations. The zloty may incur some losses due to worse sentiment on the market. The dollar has been under pressure, but the value declines haven’t been significant.

The dovish message from the ECB's minutes has been covered by a significant increase in risk aversion and the depreciation of the US currency. The zloty has been incurring major losses. The EUR/PLN pair has been close to the 4.28 level, and the PLN/HUF pair has been almost at monthly lows. Data from Poland won’t likely affect the valuation of the domestic currency.