Koruna: Significant Depreciation Unlikely

The Czech koruna pushed through trendline support at CZK25.50/EUR on October 6, to at one point trade at CZK25.72/EUR on October 7. We caution that the depreciation could have further to go, with the next key support level at CZK26.30/EUR. Notably, the koruna has diverged from trends seen in its central European counterparts, with the Polish zloty and the Hungarian forint having appreciated against the euro in the past few

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