Societe Generale maintains a bullish outlook for EUR/PLN, projecting the pair will trade above 4.35 as the NBP holds rates steady while signaling potential future hikes.
Societe Generale maintains a bullish outlook for EUR/PLN, projecting the pair to trade above the 4.35 level. This forecast is driven by persistent geopolitical tensions and external market risks that continue to exert upward pressure on the pair, even as the Polish Zloty receives some support from the central bank's hawkish stance.
Societe Generale expects the pair to trade above 4.35 due to ongoing geopolitical and external risks.
The Polish Zloty is currently facing a bearish trend, characterized by significant resistance at the 4.40/4.41 level. While the National Bank of Poland is expected to maintain rates at 3.75% and signal future hikes, the currency remains vulnerable to broader external pressures that could push it toward 4.48.
The currency is in a downtrend with resistance at 4.40/4.41 and a potential target of 4.48.
Societe Generale analysts anticipate the National Bank of Poland will maintain interest rates at 3.75% during today's policy meeting. Despite expectations of a hawkish tone from Governor Glapiński, the firm maintains a bullish outlook for EUR/PLN, citing persistent geopolitical and external pressures on the Polish currency.
Analysts expect the NBP to keep interest rates unchanged at 3.75% while preparing the market for a potential rate hike in November.
The firm cites ongoing geopolitical tensions and external economic risks as primary drivers that will keep the pair trading above 4.35.