Inflation is rising, but the złoty is holding its ground. EUR/PLN remains below 4,40 zł
The złoty gains on a weaker dollar, while the euro remains below 4,40 zł
For 1000 zł, you can buy fewer dollars today than at the start of the week, as USD/PLN slipped to 3,9017 zł. For someone exchanging a larger amount, the difference is not huge, but on 5000 zł it already means a noticeably better exchange rate than when the dollar was testing its highest level since November 2024.
On Tuesday, the U.S. currency got cheaper by 2,5 grosza. That reflects a weaker dollar globally and lower UST yields, meaning U.S. Treasury bonds. In practice, it means the złoty has seen some temporary relief, although it is still too early to talk about a lasting shift in sentiment.
In the euro-złoty market, the 4,39-4,40 zł range remains key. EUR/PLN is still trading near that band, so for people buying euros for travel or for companies paying in the currency, the rate remains close to the 4,40 zł mark. From the end of June to September, the euro has risen by almost 20 groszy.
Pressure on the złoty was also eased by inflation data. Poland’s September CPI, meaning the consumer price index, came in at 4,1%, higher than the initially reported 4%. This is the highest reading since June 2025 and the first time since January 2024 that CPI has exceeded the NBP, or National Bank of Poland, policy rate. It has stood at 3,75% since March.
The market is now watching U.S. data. If September CPI in the United States comes in below expectations, the dollar could weaken further, which usually also supports the złoty. In the morning, CHF/PLN was also cheaper, falling to 4,6839 zł, while GBP/PLN was quoted at 5,1760 zł.
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