Anyone care to answer the question above? looks like the zloty weakens when the Euro gets further into trouble...
Why do you find it surprising? It's normal flock behavior very common to currency trading but also to stock trading, precious metals trading, oil, etc. When investors get spooked they seek assets perceived as "safer."
The Złoty might bring in somewhat higher rates but when there's turmoil people prefer stability over rates. Yet the "stable currencies" have problems of their own. The US has issues with our budget deficit and a huge debt ratio, Japan has the budget deficit AND a strengthening currency which hampers the Japanese export market; how high can the Yen go before the Japanese economy collapses? The £ is weak due to the weak economy and the huge debt ratio which of course warrants a low interest rate. In general a low rate equals a weak currency but not always, look at Japan. The euro zone suffers from high debt in some member states AND unclear rules on how to proceed?
So people jump from one "safe bet" to the other and even to some smaller currencies. Yet when s&@t hits the fan they all prefer the lousy rates in the $€Y£ currencies over the higher yielding but even more volatile, smaller currencies.
If Greece gets pushed out of the €-zone, initially the €uro will plummet but in the long run it'll strengthen from the transition, think of it as outsourcing of the bad, Greek debt. Złoty will be all over the map during this period and it'll rise and drop based on the rumor of the day. 3-6 months after the transition (IF it happens) things will slowly return back to the more normal, less volatile appreciations and depreciations. The end of world isn't here yet. ;)