The Polish Zloty was around 4.1 per USD in May, stronger than a record low of 5.06 touched in September 2022 and moving closer to pre-invasion levels amid easing concerns regarding Poland's geographical proximity to war in Ukraine. Additionally, a cooling inflation rate, positive developments in the country's external trade balance, and the euro's strength against the dollar have bolstered the currency. The central bank of Poland is likely to start discussing rate cuts this year after inflation slowed more than expected in April to 14.7%. Meanwhile, the European Commission recently revised Poland's GDP growth forecast to 0.7% in 2023 and 2.7% in 2024 from previous estimates of 0.4% and 2.5%, respectively. Still, zloty remains pressured by the greenback, with several policymakers voicing hawkish remarks.
Historically, the Polish Zloty reached an all time high of 5.06 in September of 2022. Polish Zloty - data, forecasts, historical chart - was last updated on June of 2023.
The Polish Zloty is expected to trade at 4.32 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.61 in 12 months time.