The euro traded above PLN 4.42 and the Swiss franc reached a three-year high against the zloty as Poland’s rate-setting council began a two-day meeting.
By Adam Fuchs. The Polish original was published on 3 November 2026.
Monday’s sell-off carried into Tuesday morning. The euro returned above PLN 4.42, its highest level since autumn 2023, and the Swiss franc traded around PLN 4.84, a level last seen three years ago. The dollar was weaker internationally, with the euro near $1.12, yet the dollar traded around PLN 3.95 and was moving closer to PLN 4.
Domestic risks weigh on the currency
That combination points to domestic pressures. A general assembly of Constitutional Tribunal judges was scheduled for 15:30 on Tuesday. Tribunal President Bogdan Święczkowski planned to boycott it, and there was a dispute over whether the meeting would have a quorum and what quorum would apply. The rise in institutional risk alone gives foreign investors reason to reassess their exposure.
Radio ESKA reported, without official confirmation, that the prime minister would countersign four presidential appointments to the management board of Narodowy Bank Polski (NBP), following Monday’s meeting between Finance Minister Andrzej Domański and NBP Governor Adam Glapiński. Deputy Governor Adam Lipiński’s term was due to end on Wednesday. Without new appointments, the board would fall below its statutory minimum size. Confirmation would remove one source of uncertainty ahead of S&P’s review of Poland’s credit rating on Friday, when any additional argument for a negative assessment could prove costly.
Inflation forecast in focus
Poland’s Monetary Policy Council began its two-day meeting as the political disputes continued. The council appeared likely to keep its benchmark rate at 3.75%, particularly after Friday’s flash estimate showed October inflation slowing to 3.5% year on year from 4.1% in September, below the 3.7% expected by markets. Inflation was still at the upper edge of the central bank’s target band, but the slowdown supported a cautious approach.
The new forecast could prove more consequential. If it shows that expensive energy and a weaker zloty will keep inflation elevated in 2027, a firmer tone from the council could give the currency some temporary support. A softer outlook could lead markets to conclude that the central bank sees little need to support the zloty. Glapiński is due to speak at a press conference on Thursday.
US vote adds to market uncertainty
Americans were voting for Congress on Tuesday. The first polls were due to close at 01:00 Polish time, with results coming in throughout Wednesday. On Monday, Brent fell more than 7% to about $104.80 after Iran agreed to further talks with Washington, while European benchmark TTF gas fell nearly 9%. Reports of limited US strikes on Qeshm Island then sent oil back towards $106–107 on Tuesday.
On Wall Street, doubts resurfaced about returns on heavy spending on artificial intelligence. The Nasdaq 100 fell 1.4% on Monday and entered correction territory. An inconclusive election outcome could keep risk appetite subdued and offer little relief to regional currencies. The US jobs report is due on Friday.
