__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.
Movements on some instruments in the eurozone are beginning to resemble the events of 2011-2012, with large changes on the euro and the franc, but for the time being much smaller than it could be due to changes in government bonds. The zloty has been depreciating. The EUR/PLN is in the range of 4.31-4.32.
The most important macro data (CET - Central European Time). Surveys of macro data are based on information from Bloomberg unless noted otherwise.
Real panic
Yesterday, we pointed out that Italy's yields on two-year government bonds had risen from 0.3% to 1% in just two hours. However, this Monday the move looks relatively small, taking what has happened today into account. Such levels were seen in September 2012, during the eurozone debt crisis.
Huge changes are also visible on bonds with longer maturities. It is not, therefore, a matter of liquidity. The market is beginning to be dominated by fears that Italy may indeed leave the eurozone. This is also confirmed by the flow of capital to Germany's treasury bonds, whose yields decreased today and prices increased.
The currency market is less nervous than government bonds. Although we had the EUR/CHF drop below the 1.15 limit, but part of the losses on this pair were reduced. The EUR/USD also approached around 1.15, but returned to around 1.1530 in the early afternoon.
The situation on currencies in the coming days will largely depend on the populist parties' behaviour. Will some of their representatives continue to suggest leaving the Union or the eurozone, if Brussels does not meet their demands? If so, it seems that it will be difficult to improve the mood. It is also worth noting that even if the Movement or the League rhetoric is relaxed, the eurosceptic groups’ withdrawal from their views is, however, unrealistic, as it would contradict their identity.
As a result, the risks to the euro are likely to continue to apply at all times. The campaign in Italy is likely to be based on the confrontational position of populist parties towards Brussels, even if the very statement of 'leaving the euro area' is not on banners.
The zloty is relatively calm
The zloty's reaction to the events in Italy is quite limited. The fact that Italy runs the risk of leaving the eurozone will worsen its investment sentiment throughout the Union. Recently, it seemed that the eurosceptic mood had subsided (elections in France). The emergence of new risks on the horizon could also harm the economy of the EU as a whole if negative market sentiment persists.
Of course, this is also negative information for Poland and the zloty, which is dependent on the economic situation of the eurozone and changes on the EUR/USD. Therefore, the risks for the Polish zloty are still present, especially as external events (oil prices, expected interest rate rises in the USA) are not helping either.
See also:
Italy’s policy (Afternoon analysis 28.05.2018)
Americans on the trail of manipulated cryptocurrency prices
The zloty dependent on the dollar (Afternoon analysis 22.05.2018)
Customs war put on hold (Afternoon analysis 21.05.2018)
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.