The Polish zloty held broadly steady on Friday morning even as a wave of risk-off selling swept through global equity markets. At 10:00, EUR/PLN stood at 4.3941, down 0.7 grosz, while USD/PLN rose 0.8 grosz to 3.9306.
Asian markets lead the selloff
Analysts at PKO BP said the main cause of pressure on the zloty was a significant intensification of global risk-off, visible mainly in US technology stocks and also in some Asian markets.
The same analysts said the hawkish tone of Thursday’s press conference by National Bank of Poland President Adam Glapiński, which increased the scale of NBP rate hikes priced in by investors and the expected rate differential versus the European Central Bank, partly curbed the zloty’s depreciation. Glapiński described the Council’s stance as hawkish and did not rule out tightening monetary policy in early 2027.
Other pairs and the week ahead
CHF/PLN stood at 4.8029 on Friday morning, while GBP/PLN traded at 5.2628, down 1.1 grosz below its reference rate. The dollar’s year-high against the zloty, reached earlier in 2026, was 3.9553, and EUR/PLN has not set new highs for the year in several days. EUR/USD fell below $1.12; in late trading on 7 November it stood at $1.1137, near a 31-day low. Speculative positioning in the euro has shifted further short: CFTC data showed net short euro contracts rising to 157,791 in the week to 3 November, up from 143,894 a week earlier.
Interest rates rose this week in Australia, the United Kingdom, Sweden and the Czech Republic. Markets are also awaiting US labour market data due at 14:30 Polish time.
Related: Dollar climbs to weekly high of 102.00 as tech selloff hits stocks
Data: Swissquote · CFTC
