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Despite the earlier release of..........>

EURO-POLISH
EURO-POLISH: Despite the earlier release of stronger-than-expected mfg
PMI/Polish CPI (1.6% y/y vs median 1.5%) and a return to its tolerance band, EM
FX continues on the defensive amid a broad-based firmer USD. The Zloty is now
down 2.87% against the EUR since printing Pln4.1510 (Apr16 low). Next resistance
is seen at Pln4.2924 (May1 high), opening Pln4.3179 (50% long-term fibo
4.5064-4.1293). Eur/Pln last Pln4.2729. 

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