The zloty is deemed as undervalued in the foreign exchange markeUnfortunately for the Polish zloty, it won’t be heading on the same recovery track along with other currencies in the region. Thanks to the unnecessary rate slash from the Polish central bank, the zloty is deemed as undervalued in the foreign exchange market now. This leaves room for bullish investors to maneuver, pushing the pair higher back towards its resistance. Although the broader weakness of the US dollar is slowing down the pair’s rally. Nevertheless, the pair widely anticipated to reach its resistance once again this month. However, the question of whether the bulls could break through the resistance area remains standing as the greenback also faces several hindrances mainly regarding the increasing number of unemployed citizens. The United States’ private sector reported an employment change of -20.2 million yesterday. A drastic drop thanks to the coronavirus brought lockdowns that ultimately forced companies to cut workers.
