Zloty Tests Polish Intervention Appetite With Gain to Key Level
- Currency rises close to where the central bank acted last year
- Traders doubt the institution is intervening despite swings
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The zloty swung back to a level seen as a possible trigger-point for central bank intervention, keeping investors on edge about its true intentions for preventing more gains.
The Polish currency rose past 4.50 per euro on Thursday, a level that prompted the central bank to step in last year to halt the advance. In see-saw trading after a public holiday on Wednesday, the zloty quickly lost all of its gains only to rebound later in the day as traders tried to guess whether the central bank is back in the market.