News & analysis

In our previous PLN outlook, we argued that the National Bank of Poland would prevent the Polish zloty from gaining too much strength by putting FX intervention on the market’s radar after the bank intervened in currency markets in December when EURPLN was trading around the 4.5 level. While we believe this still holds until the recovery phase is well underway, a recent weakening of the zloty after the Covid-19 wave hit a peak in March reduced the need for the NBP to intervene. Our view on PLN remains bullish for the remainder of the year, however, we have adjusted our forecasts since the last outlook to reflect the recent divergence in central bank policies in the CEE region and Poland’s recovery from the third Covid-19 peak.

Read our latest PLN update in full here:

DOWNLOAD THE FULL REPORT

 

Author: Ima Sammani, FX Market Analyst

 

 

Disclaimer
This information has been prepared by Monex Europe Limited, an execution-only service provider. The material is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is, or should be considered to be, financial, investment or other advice on which reliance should be placed. No representation or warranty is given as to the accuracy or completeness of this information. No opinion given in the material constitutes a recommendation by Monex Europe Limited or the author that any particular transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, it is not subject to any prohibition on dealing ahead of the dissemination of investment research and as such is considered to be a marketing communication.