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Opinions on the Polish Zloty

  • 22-09-2011 5:59pm
    #1
    Thespoofer
    Registered Users, Registered Users 2 Posts: 1,101 ✭✭✭


    Hi

    I have some Polish Zloty on deposit in a Polish acc with the last few months when they averaged 4:1 euro.

    Over the past two weeks the Zloty has dived to 4,50:1 euro at the moment and still falling. What I don't understand is if the Euro is meant to be 'weak' why is the Zloty going the opposite direction ?

    Traditionally the Zloty gained every Christmas, Easter and Summertime with people heading back and with the Euro 2012 ( maybe a good time to purchase some now if ye don't have :rolleyes: ) taking place there next year do ye reckon it can gain again and to what levels ?


    Cheers


Comments

  • #2
    digitally-yours
    Registered Users, Registered Users 2 Posts: 1,425 ✭✭✭digitally-yours


    currency markets are very volatile. I have just checked the EURPLN chart and it looks very normal to me .

    1.4527 was a blind sell there :).


    The arguments you made for the euro to be weak does not work in this market.
    Its a fear driven market and is in price discovery mode everyday.

    on the other hand if you look at the chart the up-trend is intact on monthly as it just has the 61% retrace

    If you want to make money from trading currencies then trade currencies :) by opening a spread bet account.

    Saving thousands of Euros to zlotay account to make a buck is a very very risky move in my opinion.


    with regards to your "projection" where it will go up or down . unfortunately projections are only for looser . Clever traders manage risk and place the bets and then outcome decides if the win or loose (obviously im explaining this in a very very simple way)

    here is the chart for you if that helps :)
    http://screencast.com/t/G5rDMhdkZC

    if you ask me to trade it I will short it at the arrow areas. Hope your trade works out but these are just my 2 cents. I am a trader my self but my trades are short term . daily & hourly .


  • #3
    Thespoofer
    Registered Users, Registered Users 2 Posts: 1,101 ✭✭✭Thespoofer


    Thanks

    Well I didn't initially send Euros and change them to a Zloty account. It was from a deal I made in Poland back in April of this year so I received the funds in Zlotys.

    I don't 'trade' in currencies its just I have a lump sum over there at the moment in their currency and I'm looking at the best price available for my Zloty. On the other hand what would I change them into now at present, Euro seems a bad idea for the moment until things calm down/collapse/new punt ?

    As of today the Zloty is 4.38 - Euro. I'd be willing to bet 10 Zlotys that by summer next year they would gain to about 3.80 - 3.90 to the Euro ( I think thats about 15 % gain ?) and thats from a lay layman !

    ( I could possibly regret the above statement )


    Na ra.


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