Bank of America
FX Outlook 2026: Structural Dollar Headwinds
LIVE5 December 2025USD bearish
Back to CurrenciesBullish
USD/PLN
PLN benefits from EU fund inflows, NBP nearing end of cutting cycle, and strong
BofA Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
EU fund inflows
NBP near terminal
Strong growth
Inflation convergence
All Firm Targets (Dec '26)
JPMBullish3.38
INGBullish3.38
GS3.35
BARCBullish3.35
MUFG3.32
MS3.30
BofABullish3.28
DBBullish3.25
Analysis Summary
PLN benefits from EU fund inflows, NBP nearing end of cutting cycle, and strong growth. Polish fundamentals remain among the strongest in EM EMEA.