EUR/PLN: Drifts lower as NBP on hold – Societe Generale
By FXStreet Insights Team
Updated: 7 May 2026
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Societe Generale analysts note that the National Bank of Poland (NBP) kept its policy rate at 3.75% and markets expect no further changes through 2026. Governor Glapinski’s press conference is expected to be uneventful unless he sounds very hawkish.
Societe Generale analysts note that the National Bank of Poland (NBP) kept its policy rate at 3.75% and markets expect no further changes through 2026. Governor Glapinski’s press conference is expected to be uneventful unless he sounds very hawkish. EUR/PLN is drifting towards 4.22 after reversing its conflict-driven spike, while Polish bonds still trade well above pre-conflict yields.
Steady policy and bond lag
"In CEE [Central and Eastern European] , the NBP left its policy rate unchanged at 3.75% and markets are pricing no change from the NBP for the rest of 2026."
"NBP governor Glapinski’s press conference should be a non-event unless he comes across as extremely hawkish today."
"EUR/PLN is quietly drifting towards 4.22, fully giving up the ME [Middle East] conflict driven spike but the Polish bonds have a long way ahead for recovery with the 10y POLGB still about 65bp about the pre-conflict level of 4.92%."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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