EUR/PLN could return to the 4.72-74 range as Zloty erases some recent losses– ING

Today, we have a meeting of the National Bank of Poland (NBP) on the agenda. Poland may confirm stable rates, with the Zloty slowing down its recent losses, economists at ING report.

NBP to confirm stable rates

“We expect rates to remain unchanged. This is in line with market expectations and it is hard to expect any surprises.”

“It is hard for us to find reasons to be positive at the moment, at least until the Court of Justice of the European Union's decision on FX mortgages. Until then, we cannot rule out EUR/PLN touching 4.80.”

“In the short term, the rise in PLN market rates and improvement in the interest rate differential should stop further depreciation for now.”

“Unless we see more pressure from the US Dollar side, we believe the Zloty will erase some of the recent losses and return to the 4.72-74 EUR/PLN range.”