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PLN, HUF, CZK will suffer most if Ukraine tensions rise - Adam Narczewski

FXStreet (Łódź) - In an interview for FXStreet Adam Narczewski, Deputy Regional Director and market analyst at XTB Poland, suggested that a further aggravation of the situation in Ukraine would mainly hit the countries geographically closest to Russia and Ukraine.

Key quotes

"In the closest perspective, if the Russian humanitarian aid will not be just a pretext for the presence of Russian in Ukraine (or a military intervention later on), emerging markets should remain stable."

"The possible depreciation of currencies and stock market declines should not be drastic."

"In light of the conflict, the biggest loser is the Russian Ruble."

"Let’s keep in mind that the harshest sanctions against Russia include restricted access to Western financial markets and the lack of funding for national banks by Western capital."

"If the conflict is not resolved soon and the situation worsens, we will certainly see a flow of capital to safe heaven assets like gold and U.S bonds."

"Emerging market currencies like the Zloty, Forint or Czech Crown (which are much dependent upon geopolitical factors) could depreciate dramatically."

"In summary, the strongest blow would received by countries that geographically are close to Russia and Ukraine."

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