diff --git a/poxx.py b/poxx.py
index d907615..a38b024 100755
--- a/poxx.py
+++ b/poxx.py
@@ -78,7 +78,7 @@ def handle_endtag(self, tag):
     def handle_data(self, data):
         # We don't want to munge placeholders, so split on them, keeping them
         # in the list, then xform every other token.
-        toks = re.split(r"(%\(\w+\)s)", data)
+        toks = re.split(r"((?:%(?:\(\w+\))?s)|(?:\{\w+\}))", data)
         for i, tok in enumerate(toks):
             if i % 2:
                 self.s += tok