__lc_cid
Valid: 3 years
Necessary for proper functioning of the chat available on the website.
__lc_cst
Valid: 3 years
Necessary for proper functioning of the chat available on the website.
rc::a
Valid: It does not expire
Cookies to correctly distinguish between human and bot-generated traffic.
rc::b
Valid: 1 session
Cookies to correctly distinguish between human and bot-generated traffic.
rc::c
Valid: 1 session
Cookies to correctly distinguish between human and bot-generated traffic.
NID
Valid: 6 months
Records a unique number to recognise the device you are using. It is used for advertising.
_ga
Valid: 2 years
Registers a unique user number to collect statistical data about how you use our website.
_gat
Valid: 1 day
Used by Google Analytics to reduce queries. Reduces the amount of statistical data collected.
_gid
Valid: 1 day
Registers a unique user number to collect statistical data about how you use our website.
yt-player-bandwidth
Valid: It does not expire
Determines the best video quality based on your device and the Internet connection used.
yt-player-headers-readable
Valid: It does not expire
Determines the best video quality based on your device and the Internet connection used.
CINKCIARZ_FX
Valid: 1 session
Maintains user sessions.
csrfToken
Valid: It does not expire
Protection against csrf attacks.
user
Valid: It does not expire
Stores information that indicates whether the user is from the USA.
browserId
Valid: It does not expire
Required for trusted browsers to function properly.
collect-bank-#
Valid: It does not expire
usłudze Collect. Remembers the last chosen bank in the Collect service.
collect-country-#
Valid: It does not expire
Remembers the last chosen country in the Collect service.
collect-currency-#
Valid: It does not expire
Remembers the last chosen currency in the Collect service.
social_offer_top20_currency-#
Valid: It does not expire
Remembers the last chosen currency in the Social transactions service (Top 20 List).
social_offer_exchange_buy_fc-#
Valid: It does not expire
Remembers the last chosen currency in the Social transactions service (First currency to buy).
social_offer_exchange_buy_sc-#
Valid: It does not expire
Remembers the last chosen currency in the Social transactions service (Second currency to buy).
social_offer_exchange_sell_fc-#
Valid: It does not expire
Remembers the last chosen currency in the Social transactions service (First currency to sell).
social_offer_exchange_sell_sc-#
Valid: It does not expire
Remembers the last chosen currency in the Social transactions service (Second currency to sell).
#-service-popup
Valid: It does not expire
Remembers choosing "Do not show this message again." when changing providers.
missing-required-fields-form-#
Valid: It does not expire
Records information that the missing data form has been shown to the user.
The positive sentiment associated with lifting the restrictions and restarting the economies overflows the markets. The dollar is declining slightly, but changes are still minimal. The zloty remains stable within a limited fluctuation range. The end of the week may bring more indications on the recovery path.
Markets under a wave of optimism
The week started with relatively positive sentiment. The market does not react too much to the disastrous macroeconomic data from the Q1 or March and April; instead, it focuses on the recovery path. Looking through all asset classes today, this is quite an optimistic path. The main European market indexes gained nearly 4% in the afternoon, oil (WTI) about 10%, and the positive sentiment is highlighted by (mostly) declining yields of Treasury bonds.
Currencies still calm
This positive sentiment also spread to the foreign exchange market. Due to the "risk on" market attitude, the US currency was slightly weaker this afternoon. However, changes among the main currencies, including the dollar, remain limited, underlining the more cautious approach of this market than, for example, the equity market.
The EUR/USD quotations increased this afternoon by approx. 0.2%, but the volatility in recent days is small, ranging between approx. 1.0770-1.0890. For comparison, in March, at the height of the market panic, the EUR/USD exchange rate remained between 1.0620-1.1500.
Forecasts for the zloty
The limited volatility of the dollar also helps to stabilise the zloty. Today's USD/PLN quotations were in the range of 4.20-4.22, and EUR/PLN fluctuated around 4.56, falling within the volatility range of the previous days. In a slightly longer perspective (next year), an increase in global economic activity will most likely support the return of the zloty to pre-pandemic levels.
Although, in the perspective of the coming weeks, we can still observe its weakening, if the currently prevailing positive sentiment on the market deteriorates slightly. A very rapid return of the economies to the pre-pandemic starting point is unlikely - a gradual and uneven path seems to be much more likely, depending on the country and industry. Ultimately, this may worsen the sentiment somewhat in the coming weeks, when macro data may suggest this uneven path to GDP levels before the pandemic.
This week's preview
This week, we are about to learn some of the first data that may show, to some extent, the impact of the restrictions being lifted. On Thursday and Friday, preliminary PMI data from the UK and the US, as well as from the Eurozone, will be published. They may give some indication as to how the recovery path may look in this first period of the easing of restrictions and restarting the economies. Therefore, an increase in market volatility at the end of the week may be expected.
See also:
Disastrous sales data from the USA (Afternoon analysis 15.05.2020)
Germany in recession, Poland surprises (Daily analysis 15.05.2020)
Tension between the US and China intensifies (Afternoon analysis 14.05.2020)
Lower appetite for risk, the dollar appreciates (Daily analysis 14.05.2020)
Attractive exchange rates of 28 currencies
Live rates.
Update: 30s
Download our app
Stay tuned and make managing your favourite currency services faster, easier, and more convient. Wherever you are.