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EUR/PLN has been trading within narrow ranges for the past month, but analysts at Nordea think volatility could soon return. The risk is firmly tilted to the downside for the zloty.

Key quotes

“EUR/PLN could soon break last month’s narrow trading range of 4.52-4.57, with the risk firmly tilted to the upside. One factor is our general lukewarm EM sentiment outlook. Another is the NBP’s newly introduced QE programme.”

“We expect EUR/PLN to test levels up to 4.60-4.70 in the short term. In the second half of the year, we expect a mild PLN appreciation as the market volatility may ease.”