#EURPLN @ 4.77112 -imp levels: to hit 4.85 by year-end, then fall back to 4.60 by end-2023 – TDS

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EUR/PLN is hovering around 4.7770. Economists at TD Secutities expect the pair to reach 4.85 by year-end. Nonetheless, EUR/PLN is set to move back lower next year.

“We expect gradual zloty weakness ahead with EUR/PLN reaching 4.85 by end of December. However, over the long-term, we continue to hold a positive view on the zloty and think that EUR/PLN will fall back to 4.60 by the end of 2023.”

“Overall, the National Bank of Poland (NBP) has been much more decisive in tightening than the ECB and we think that Poland can reap the benefits of that further down the line.”

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