- Ukrainian Hryvnia comes back with a one-day gain against PLN
- UAH/PLN weekly candle reflecting indecision
- NBP monetary policy meeting minutes released
- Easter European currencies are bracing for further volatility
The UAH to PLN pair was seen trading on Thursday within a trading range of 0.1496 and 0.1434 low of the day, settling up +2.64% at 0.1473. The Ukrainian Hryvnia recovers early lost ground against the Polish Zloty to close towards the high of the day.
At 10:00 UTC, UAH/PLN trades up +0.52% at 0.1487.
The increase in Poland’s benchmark interest rate to a 9 year high of 3.5% has failed to support the PLN for more than two days. The rate hike induced UAH to PLN sell-off found a bottom at Wednesday low of 0.1429.
The Minutes of the monetary policy meeting of the National Bank of Poland (NBP) was released Thursday, March 10. The minutes revealed a more hawkish tone targeted to strengthen the zloty.
“We are still in the rate-hike cycle… and we will remain in it. It is hard to say for how long,” NBP governor Adam Glapinski said in a news conference.
Easter European currencies are bracing for further volatility as the Russia – Ukraine conflict could escalate further. Central banks in Eastern Europe are seen to become more aggressive in taming down the risks associated with further currency depreciation that can be inflationary.
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