The ratcheting up in geopolitical tensions in Russia this week amid concerns about the use of a chemical nerve agent is a warning sign for the ruble and further falls in the currency are likely to lie in store over the coming months. Meanwhile, the expenditure breakdown of Q2 GDP for Central Europe showed that Hungary's economy experienced a deeper contraction than in Poland and the Czech Republic due to a bigger slump in both domestic and external demand and we think the outlook is less positive too.
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