Medium-Term Appreciatory Pressures Alleviated

Having remained committed to its medium-term depreciatory trend channel since Q408, the Croatian kuna is now showing signs of making a break to the upside. The unit has edged closer to the top end of its trend channel, testing key resistance at HRK3.3700/EUR. A firm push through this level would presage gains towards HRK7.3200/EUR in the immediate term, with a further move to HRK7.2000/EUR likely to follow.

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