The Euro to Polish Zloty (EUR/PLN) exchange rate strengthened by more than 0.50% on Monday as the single currency took advantage of weak economic data out of Poland. Further gains were restrained by worries over Greece.
The Euro to Polish Zloty (EUR/PLN) exchange rate was trading in the range of 4.1350 to 4.1632
The Polish Zloty weakened against most of its major peers after the Polish Central Statistical Office released data which showed that consumer prices declined by a bigger than forecast level in May.
According to the figures the Polish consumer price index fell 0.9% on a year-on-year basis in May. Economists had been expecting the figure to have eased by 0.7%. One bright spot was that the decline was slower than the 1.1% decline seen in April.
On a month-on-month basis, consumer prices remained flat after gaining 0.4% in April. That figure was also below expectations for a rise of 0.2%.
Trade Balance and Current Account Data Weakens Polish Zloty (PLN) Against Euro (EUR)
Adding to the Polish Zloty’s drop was separate data which showed that the nation’s current account surplus fell to €1.13 billion in April, a drop from the €1.93 billion seen in March. Economists had been forecasting for a figure of €1.19 billion.
Also weighing upon the Polish Zloty was a separate report which showed that Poland’s trade surplus narrowed to €127 million in April.
The figure was a sharp drop from the €674 million seen in the preceding month and was worse than the €241.5 million forecast by economists.
The Euro to Turkish Lira (EUR/TRY) Exchange Rate was trading in the range of 3.0456 to 3.0796
The Euro to Turkish Lira (EUR/TRY) exchange rate firmed on Monday as the Lira remained under pressure from the previous weeks surprising general election result.
Also weighing on the currency was data released earlier in the session which showed that Turkey’s unemployment rate increased in March from the previous year.
According to the Turkish Statistical Institute, the nation’s unemployment rate on an unadjusted basis increased to 10.6% in March, up from the 9.7% seen in 2014. The number of people out of work was shown to have increased by 322,000 from last year to a total of 3.69 million in March.
On a monthly basis however, there was an improvement as the jobless figure was a second consecutive drop and down from the 11.2% seen in the preceding month.