While the EUR is definitely a major currency in this pair, the Polish Zloty is not, so the pair itself is not a major either. It is not a commodity pair either, and neither of the two currencies counts as a commodity currency. The EUR is – at least theoretically – supposed to replace the Zloty in the future.
The EUR
The common currency of the Eurozone, the EUR is the second most traded currency in the world and the second most popular reserve currency too. Currently used officially by the 21 countries of the Eurozone, and by a number of other countries de-facto, the EUR has to be joined by 6 other countries, who are compelled by treaty to do so in the future. One of these countries is Poland, but – at least for the time being – the country does not appear keen on making this move.
The PLN
The Polish Zloty (PLN) was first introduced in the 14th century. Obviously, since then, it went through quite a few changes and transformations. Its current version has only been in use since 1995. Notoriously unstable over time, the Zloty seems to have found its footings in recent years. The economy of the country booming, it is now viewed not only as a major token of Poland’s sovereignty, but also as a tool that gives the Polish authorities flexibility to better deal with crises than their Eurozone counterparts.
Despite the official position of the Polish authorities in this regard, the EUR is set to replace the Zloty sometime.
EUR/PLN Analysis
The PLN is obviously closely correlated with the EUR. Interestingly though, Poland’s trading with Russia exposes the pair on that front. Another factor to watch is that of the political situation in Poland, and the steps the country takes towards joining the EUR.