Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesBullish
USD/PLN
PLN to outperform CE3 peers. NBP approaching end of cutting cycle with terminal
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
End of cutting cycle
Inflation convergence
European fiscal spillover
Rate spreads widening
All Firm Targets (Dec '26)
JPMBullish3.38
INGBullish3.38
BARCBullish3.35
GS3.35
MUFG3.32
MS3.30
BofABullish3.28
DBBullish3.25
Analysis Summary
PLN to outperform CE3 peers. NBP approaching end of cutting cycle with terminal rate near 3.50%. Inflation convergence with Czechia marks turning point for PLN/CZK cross. European fiscal spillover supports.