Heading To PLN3.4000/EUR

We expect further weakness for the Polish zloty in the short term, with a move to PLN3.7000/EUR looking likely. A firm breach of this level would set up the unit for further depreciation towards subsequent support levels at PLN3.7500/EUR, and EUR3.8500/EUR. Furthermore, a potential dollar bounce against the euro could exert further downside pressure on the zloty over the short term.

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