Zloty Appreciation To Lose Momentum By End-2009

Having endured a precipitous decline during H208 and through the early months of 2009, the Polish zloty has since started to pare its losses against the euro, appreciating around 11% from its February low to trade at PLN4.3590/EUR on May 8. The unit has formed a new appreciatory trend channel and is currently flirting with key resistance at PLN4.3500/EUR.

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