The “unnecessary” rate cut from the Polish central bank

The broad weakness of the euro in the foreign exchange market today was seemingly brushed off by bullish investors. The news about the Polish zloty and the “unnecessary” rate cut from the Polish central bank has weakened the Polish zloty, preventing bearish investors from regaining their footing. The euro to Polish zloty trading pair will remain widely bullish thanks to the negativity regarding the zloty. According to a local report, an expert said that the previous rate cuts from the Polish central bank contributed to the strain felt by the zloty, which is now greatly undervalued against the Single currency. Apparently, the central bank has already slashed its official interest rates twice this year thanks to the pandemic. As of writing, the interest rates of Poland currently stand at 0.50%. And later today, the central bank is scheduled to unveil its interest rates decision which is widely expected to be left unmoved this May.