This is the second in a series of articles to preview the economy and currency of a selection of the qualifying countries for the 2018 FIFA World Cup. Looking at Poland, what is the state of affairs? HotForex's Analyst, Stuart Cowell gives a preview on the Poland Economic Growth.
6 June, HotForex – Second in our occasional series on the upcoming FIFA World Cup and we move from Japan and Asia to Europe and Poland. The two teams have been drawn together in Group H and will play each other in Volgograd June 28. The key player and star of the Polish team is Bayern Munich’s aging star Robert Lewandowski.
Poland Economic Growth Preview
Poland has been a member of the European Union since 2004 and is its eighth largest economy and one of the fastest growing. Still reliant on old industries like iron & steel, shipbuilding and chemicals it managed to avoid slipping into negative growth following the global financial crisis of 2007/8. Western next door neighbour Germany remains the key market for Poland accounting for close to 30% of all trade.
On accession to the EU in 2004 Poland maintained its currency and did not replace the Zloty with the Euro. The debate continues fourteen years later, with the current Polish leadership saying they will only consider joining the euro zone when the “bloc becomes a stable and transparent entity” much like the British and their Sterling the Poles a deeply wedded to the Zloty.
Recent opinion polls have over sixty-seven percent of the population opposed to joining the the common currency. At 50-1, Poland are a long shot to win the World Cup and it looks like a similarly long shot that Poland they will be joining the Euro zone any time soon.
USDPLN Technical Outlook
Technically, the Zolty has suffered, like many dollar crosses recently as the Greenback has found a bid over the last few weeks. The daily chart has a recent high and resistance at 3.7525 and 3.8200 and support at 3.6470, 3.600 and 3.5500.
This article was written by Stuart Cowell, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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