J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesBullish
USD/PLN
OW PLN and long PLNCZK. NBP approaching end of cutting cycle. Terminal policy ra
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
End of cutting cycle
Inflation convergence
Rate spreads widening
Regional growth
All Firm Targets (Dec '26)
JPMBullish3.38
INGBullish3.38
GS3.35
BARCBullish3.35
MUFG3.32
MS3.30
BofABullish3.28
DBBullish3.25
Analysis Summary
OW PLN and long PLNCZK. NBP approaching end of cutting cycle. Terminal policy rate pricing already at 3.70. Peak inflation convergence between Poland and Czechia marks turning point for both crosses.