Polish Zloty Drops to Lowest Level Since July 2009

The Polish zloty dropped today against the U.S. dollar to the lowest level since July 2009 on the speculation the fiscal crisis in the European Union may lead to slower global economic recovery, eroding appeal of the developing nation’s currencies.
Some analysts are unsure why the only economy in the EU, which avoided the recession, drawing the interest of the foreign investors, should be so heavily hit by the European troubles. Yet other investors claim that this is exactly the reason for the Poland’s economy weakness. The investors are cutting their spendings and Poland is feeling the withdrawal from the funds’ inflow. The expectation that the EU crisis will delay the euro adoption in Poland is also affecting the zloty.
USD/PLN traded at about 3.1989 today as of 11:36 GMT after it opened at 3.1826.

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