The Polish zloty weakened further on Friday. EUR/PLN rose 0.45 percent to 4.3962, while USD/PLN climbed 0.62 percent to 3.9256. CHF/PLN gained 0.50 percent to 4.7769, its highest since March 2026. GBP/PLN traded at 5.2509, the highest since November 2024.
Analysts pointed to a global rotation of capital toward safer assets as the main driver. Bank Millennium strategists linked the shift to concerns about the sustainability of the AI-driven stock rally, and said higher risk aversion was pushing the zloty lower in the morning.
Regional pressures weigh on the currency
ING economists said the zloty had joined the forint in losing value. They named Poland alongside France as the country with the biggest budget problems in the EU. The Central European region, a net energy importer, lags other emerging markets, they said.
ING also noted that the Czech central bank signals a second rate hike in the cycle. In their view the zloty will remain under pressure and may lose further ground.
Little relief expected at week’s end
PKO BP economists said there were no signs of a weakening in unfavourable trends after Thursday’s session. Their most likely scenario for the end of the week was EUR/PLN and USD/PLN staying at elevated levels, with a risk of further rises.
The 4.40 level for EUR/PLN is a psychological barrier that the pair has not yet breached. Euro-area PMI indices for October came in below expectations, but the market largely ignored them.
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