Currency Report: The Zloty’s on a Hottie

If you're still looking for leadership outside the U.S., start by looking at the local currency.

The Polish Zloty is breaking out—clearing multi-year bases against both the Euro and the Dollar.

It’s sending a clear signal: capital is flowing into Poland. 

And when the Zloty is strong, Polish equities tend to be strong, too.

We love it when FX markets and equities tell the same story. And that's exactly what’s happening here.

The MSCI Poland ETF $EPOL is resolving higher—carving out bullish bases versus both the broader European complex and U.S. stocks.

Even as the international equities trade takes a breather, Poland is pressing higher.

This is relative strength at its finest.

There are always pockets of leadership; you just have to find them. Right now, Poland is at the top of that list.

Unfortunately, there’s no clean way to play this through ADRs or OTC listings. 

But $EPOL gets the job done—and it’s already up over 50% in 2025.

Here’s how we’re trading it:

EPOL recently completed a structural trend reversal and is currently consolidating above a shelf of prior-cycle highs.

We continue to like it long if we’re above 30. Our target is 40 over the next 3-6 months. Over longer timeframes, we’re targeting 58, which is almost a double from current prices.

Whether the ex-US trade keeps running or not, Poland is charting its own path. And we’re here for it.