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Zloty Advances as European Assets Rise on Spain, Deutsche Bank

The zloty advanced after stronger earnings results from Deutsche Bank AG and a Spanish report showing the economy shrank less than forecast boosted demand for European assets.

The zloty appreciated 0.5 percent to 4.1286 per euro as of 5:38 p.m. in Warsaw, the strongest gain among more than 20 emerging-market currencies tracked by Bloomberg. Yields on five-year Polish notes rose one basis point to 4.13 percent.

Deutsche Bank, Germany’s largest lender, said profit unexpectedly rose as investment-banking revenue exceeded targets. Italian borrowing costs dropped at an auction of five and 10-year debt today while the Spanish economy shrank 0.3 percent in three months to September, compared with the Bank of Spain’s estimate of a 0.4 percent contraction. The euro area is Poland’s largest export market.

“Slightly better data on Spanish GDP have improved the sentiment a bit,” Joanna Bachert, an analyst at PKO Bank Polski SA, wrote in an e-mailed note to clients.

The zloty weakened 0.4 percent yesterday after Andrzej Raczko, a member of the central bank’s management board, said short-term depreciation of the currency was “desirable” as it would help boost Poland’s exports. It has gained 8.1 percent this year, the third-best among emerging-market currencies tracked by Bloomberg after the Hungarian forint and Chilean peso.

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