Stronger zloty and dollar (Afternoon analysis 26.09.2018)

Statements by leaders of the British political scene with little influence on the pound. A slightly stronger dollar before the Fed meeting. The stronger US currency is also accompanied by a slight zloty appreciation.

In Liverpool, the annual labourist convention ends. Today, the leader of this leading opposition group, Jeremy Corbyn, has given a speech. In the context of Brexit, the stance of the Labour Party was maintained stating that it would first and foremost want to force the ruling Tory to hold early elections. Therefore, the rejection of the Conservative plan for Britain's future relations with the EU is intended to do this.

Little new information and controversy also emerged during a speech by Theresa May at Bloomberg's Global Business Forum. May suggested that an agreement was still possible in the context of Brexit, but at the same time, she confirmed that she did not know when the negotiations would end. The prime minister also suggested a more attractive environment for companies after leaving the EU, which could mean, for example, tax cuts and investment opportunities for companies.

Today's statements made by leaders did not change the situation on the pound. Mostly because they were less controversial than, for example, leaders' comments after the Salzburg Summit, or suggestions from labourists to hold another referendum on Brexit.

The EUR/USD pair was close to 1.1730 at the beginning of the US session. This is a drop in relation to the levels recorded in the morning (about 30-40 pips), but the movement is still relatively limited and by no means determines the aggressive stance of investors before the evening press conference of the Federal Reserve. We still maintain that it should be relatively hawkish, but signals favouring the dollar do not necessarily mean a dramatic fall in the main currency pair.