- Polish Zloty strengthens against Ukrainian Hryvnia
- Risk-off assets on retreat
- Ukrainian President Volodymyr Zelensky to address US Congress on Wednesday
- The inflation rate in Poland boosted the PLN
The UAH to PLN pair was seen settling during the first trading session of the week down -1.60% at 0.1467. Poland’s zloty continues to digest the financial risk of the Russia – Ukraine conflict and is leading the rebound in Eastern European currencies.
At 10:00 UTC, UAH/PLN trades down -0.53% at 0.1463 building on the losses from Monday.
Risk-off assets such as gold retreated on Monday following a rise in US treasury bonds and settled -1.91% lower at $1950. In early morning trade, the losses were extended further to the downside by an additional -0.95% as traders brace for the FOMC meeting.
Meanwhile, inflation in Poland has increased to 8.5% on an annual basis, after it reached 8.6% in December, the highest level in 21 years. On a month-to-month basis, inflation declined by -0.3% in February following a 0.9% increase in January.
Poland’s currency edged higher against the UAH following the soft inflation reading.
At the same time, industrial production in Poland expanded by 0.3% in January following a contraction of -0.9% in December.
With the Russia – Ukraine conflict near Poland’s border putting extra pressure on inflation, the market is expecting more rate hikes from the Polish central bank.
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