Zloty To Strengthen Further Over L-T

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Having breached key resistance at PLN3.4800/EUR and currently trading at PLN3.4070/EUR on May 9, further strengthening of the zloty is possible over the short term. The strength of the currency partly reflects the improvement in risk appetite, as reflected in the substantial contraction of the Polish 5-Year Credit Default Swap to 33bps on May 8 from the April 17 high of 96bps