ING economists warn a softer tone from Poland’s central bank could pressure the zloty amid distant euro adoption prospects.
ING economists highlight that reduced tightening expectations from the ECB and Fed may ease external pressure on the Polish zloty. However, concerns over a more dovish National Bank of Poland (NBP) stance could weigh on the currency, increasing downside risks.
Unlike the Hungarian forint, which benefits from convergence support, the zloty lacks similar near-term euro adoption prospects. Any further softening in NBP rhetoric may amplify market vulnerabilities, particularly if rate cut debates gain traction post-summer.
Governor Adam Glapiński’s upcoming press conference could signal a dovish shift, though significant policy changes are unlikely before autumn.