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The euro rate is approaching 4.40 zł. The złoty remains weak against the major currencies
Euro after a failed attack on PLN 4.40. The zloty remains weak, while central bank policy is supporting the dollar
After Thursday’s attempt to break above PLN 4.40, the euro exchange rate quickly moved lower again and was at PLN 4.3798 on Friday morning. For people exchanging money, that means PLN 1000 buys about 228 euro today. That is still a high level for the zloty, as the common currency remains close to the upper end of this year’s trading range.
In practice, the slight change from Thursday’s peak does not improve the situation for people who need to buy euros for travel, a loan installment or corporate settlement. The difference between PLN 4.40 and Friday’s reading is small, but it shows that the market failed to break through an important technical resistance level. Technical analysis, which looks at support and resistance levels on a chart, had already pointed to such a move since early July.
Several factors are still weighing on the zloty. First, expensive crude oil is adding tension to commodity markets. Second, investors are watching the Monetary Policy Council’s stance, which remains dovish, meaning it is in no hurry to raise interest rates. Third, decisions by the world’s biggest central banks matter, because they set the conditions for capital moving between currencies.
The very high yields on U.S. Treasury bonds, the highest in nearly 20 years, are also important. That level encourages some capital to move across the Atlantic, which usually weakens emerging market currencies, including the zloty. In Poland’s case, another issue is that interest rates at the NBP (Narodowy Bank Polski — National Bank of Poland) remain low, while the ECB (European Central Bank) has already delivered two rate hikes and the Fed (U.S. Federal Reserve) one, with another on the way.
The dollar market, meanwhile, has calmed slightly. EUR/USD held just below 1,14 USD, and the dollar was trading at PLN 3.8448 in the morning. A day earlier it was more expensive, rising above PLN 3.86 and reaching its highest level since April 2025. The Swiss franc was priced at PLN 4.6360, or 1.8 grosz less than a day earlier, while the British pound cost PLN 5.0865 after briefly climbing on Thursday to as much as PLN 5.1168.
Pressure on the currency market is being eased by reports from the Strait of Hormuz, where the US Navy is escorting tankers. That has helped calm sentiment in the oil market, although for now it does not change the broader picture: the zloty remains weaker, and what matters most for it today are energy prices, the Monetary Policy Council’s stance and what the Fed and ECB do next.
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