According to Ebury analysts, the zloty remains weak, the outlook may be good, but not necessarily.
"We are revising the EUR / PLN forecast upwards, and in this context, the following are important: unfavorable external situation and uncertainty regarding internal issues, especially the central bank's communication and relations with the EU, combined with the deterioration of the current account balance. Our forecast for the zloty is also influenced by a recent downward revision of the forecast for the EUR / USD pair," the report reads.
Although Ebury claims that the currency should recover most of its losses by the end of 2022, it remains slightly less optimistic in this regard than before.
"Moreover, in our opinion, the risk of zloty depreciation is currently the highest since the start of the pandemic. If the external situation is unfavorable and the NBP does not significantly raise interest rates, the EUR / PLN rate may break the level of 4.68 from March 2021," analysts warn.