The market currency has shown amazing volatility in 2008 and it's hard to make any forecasts for 2009. EURPLN seems to lost its momentum in last week (I don't think there were many trades either):
CHFPLN also hovers just above 2.73:
There are few worth-reading articles: nice 2008 summarization from MarketWatch (here), quick look into corporations with large amount of cash and their performance (here), Brett Steenbarger's article about rising appetite for risk among investors (here).
Slovakia entered euro 1st Jan 2009 (here).
Also, there is interesting theory called January Barometer, stating that the performance of the S&P 500 in January sets the stock market’s direction for the year (here). There you can find academic paper, which seems to confirm this phenomenon:
(...) 11-month holding-period excess returns following positive Januarys are much more likely to be positive than are 11-month holding-period excess returns following negative Januarys. Indeed, following the 41 positive Januarys, there are only five years in which the 11-month holding-period excess return is negative. (...)
Sources:
[http://www.marketwatch.com/NewsCommentary/SpecialReports/YearEnd]
[http://seekingalpha.com/article/112828-cash-is-not-yet-king-when-it-comes-to-market-performance]
[http://www.investopedia.com/terms/j/januarybarometer.asp]
[http://seekingalpha.com/article/112952-hints-of-risk-appetite-returning-to-the-stock-market]
[http://www.nytimes.com/2009/01/03/business/03markets.html]
[http://www.marketwatch.com/news/story/Slovakia-becomes-16th-nation-adopt/story.aspx?guid={191E5EB8-6C24-4706-AD91-DE5415E806CE}]
[http://papers.ssrn.com/sol3/papers.cfm?abstract_id=663563]
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