Well, that’s one less central bank seller of euros at the moment !
The Polish PM said at a press conference this morning that he sees no reason for intervention to support the zloty, as its recent weakness is related to global risk aversion and is not significant compared with other emerging market currencies.
If the zloty follows the global mmod then interventions are ineffective. There is no need for a reaction.
When we compare the zloty situation to other emerging markets it is obvious that its weakening is thankfully much smaller than what is going on with other currencies.
With the zloty at 5 month lows vs the euro Mr Tusk is either being commendably calm when all around him are jumping on hot coals, or he’s tempting fate when the markets re-open.
