PLN: Going Nowhere Fast

Having all but hit our initial PLN4.1500/EUR target set in our April 2006 currency forecast, we reiterate the view that we have been expressing in recent months that we think that there are downside risks, but we are far from being in a bear market. Any downside move through PLN4.1600/EUR would spark declines to PLN4.3000/EUR in pretty short order. By contrast, PLN3.9600/EUR is key on the

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