EUR/PLN: Political noise and heavy long positioning will make Zloty suffer in the coming days – ING

Market news

16 January 2024

EUR/PLN: Political noise and heavy long positioning will make Zloty suffer in the coming days – ING

The Polish Zloty (PLN) tested weakest levels since November. Economists at ING analyze EUR/PLN outlook.

Political story starting to interfere with the sentiment in financial markets

In Poland, it seems that the political story is starting to interfere with the sentiment in financial markets. With the Zloty being the only currency supported by higher rates these days, EUR/PLN briefly tested the highest levels since last November.

With a hawkish National Bank of Poland, the IRS curve would indicate EUR/PLN levels more around 4.32. It seems that political noise and heavy long positioning will make PLN suffer in the coming days given that the political story in Poland seems to be just beginning.

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