EURPLN traded in a tight range in 2024. The PLN has recently reached overvaluation levels not seen since the global financial crisis in 2008 as the EURPLN corrected in November and December driven by positive market sentiment and reinforced by EUR weakness. We think the easing cycle in Poland will not be resumed until at least the third quarter of 2025, and this should remain supportive for the PLN against the EUR in the short term.