17:23 23 January 2025
Zloty unexpectedly strengthened against the Euro
Since spring 2024, the EUR/PLN exchange rate fluctuated within a range of 4.2450–4.38 PLN. The 4.2450 level, acting as strong support, was tested multiple times. However, on January 10, 2025, this level broke, triggering a wave of stop-loss orders that strengthened the zloty, pushing the rate to 4.21 PLN. The euro fell by 7 groszy from January 9's level of 4.28.
Key drivers include the National Bank of Poland’s (NBP) hawkish stance, with no plans for interest rate cuts, contrasting with the European Central Bank’s (ECB) inclination to reduce rates aggressively. Market speculation, including large options bets on ECB rate cuts, has fueled expectations of a lower terminal rate. Key support levels for EUR/PLN are 4.20 and 4.13 PLN.
