Currency Note Worldwide

Polish zloty suffers as interest rate is cut

By Smart Currency October 9th, 2014

  • The Polish zloty weakened yesterday towards recent one-year lows against the major currencies as the Polish Government decided to drop interest rates from 2.5% to 2%, an all-time low for the Zloty. The markets were predicting a cut to 2.25% but the Government has taken the safer option – as eastern Europe’s largest economy – to lower interest rates aggressively. This is due to a weakened Eurozone economy, which continues to take an affect, and the ongoing uncertainty around the crisis in Ukraine.
  • The Aussie dollar remained under pressure as the markets awaited today’s news – the monthly jobs tally will be released. The currency remained just above recent four-year lows against the US dollar, with many investors reaping profit from the US dollar’s strength over the past couple of months. Job growth is forecast to return and unemployment is expected to remain at 6.1%.

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