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The zloty underperforms as central bank pledges to intervene (Daily analysis 14.01.2021)

14 Jan 2021 9:35|Bartosz Sawicki

The dollar trades sideways this week; equity markets lack direction as well. Today’s announcement of new fiscal expansion plans by the president-elect Joe Biden seems to be the most probable trigger of higher volatility.

The investors are rather uninterested in impeaching Donald Trump, who seems to be a figure of the past from the market perspective. Political chaos in Italy prevents the EUR/USD pair from settling above the 1.22 mark. The USD/JPY exchange rate hovers around 104.00, and the GBP/USD clings to recent gains. 1.37 remains exposed after governor Bailey rejected the idea of an imminent introduction of negative rates by the Bank of England.

In the emerging markets space, the zloty underperforms as the National Bank of Poland officially introduced FX interventions to its toolbox. The UR/PLN pair should thread water above the 4.50 boundary as expectations of a solid GDP rebound and massive current account surplus limit the downside. The Mexican peso and the Russian ruble are top performers this week on the back of recent crude oil benchmarks advances.

14 Jan 2021 9:35|Bartosz Sawicki

This commentary is not a recommendation within the meaning of Regulation of the Minister of Finance of 19 October 2005. It has been prepared for information purposes only and should not serve as a basis for making any investment decisions. Neither the author nor the publisher can be held liable for investment decisions made on the basis of information contained in this commentary. Copying or duplicating this report without acknowledgement of the source is prohibited.

See also:

13 Jan 2021 9:25

The pound rallies as rate cuts odds decline (Daily analysis 13.01.2021)

12 Jan 2021 9:20

The US yields temporarily support the dollar (Daily analysis 12.01.2021)

11 Jan 2021 9:31

US dollar enjoys a corrective bounce (Daily analysis 11.01.2021)

8 Jan 2021 15:02

The US dollar bounces in a benign risk environment (Daily analysis 8.01.2021)

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