CE FX: Koruna Is KingAugust 2011 | Market Strategy
Central European (CE) currencies have not been immune to global turmoil on financial markets, with key support levels being broken in recent trading. We note that at time of writing, CE currencies have begun to claw back some losses felt on the back of a return to riskier assets with statements from the US on commitment to low rates and economic growth. We maintain our bias towards the Czech koruna versus the euro on a risk-reward basis and have been further bolstered in this view by the unit's relatively calm reaction to global risk aversion.
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