The Polish zloty falls to a 16-week low against the euro after data showed Poland's inflation eased in June to its lowest level since the start of the Iran war. Inflation decelerated to 2.5% in June from 3.1% in May. The data support expectations that Poland's central bank could refrain from raising interest rates. Markets priced out rate rises after surprisingly lower inflation in May and relief from the fall in oil prices, ING's Frantisek Taborsky says in a note. The central bank has also been quick to dismiss any discussion of rate rises. This has negative implications for the zloty, he says. The euro rises to as high as 4.3004 zloty.(renae.dyer@wsj.com)