The Slovak koruna continues suffering from poor emerging markets sentiment. Yesterday, it posted further losses as it fell through 37.60 from opening level of 37.40. The released data - industrial output together with retail sales were not able to change the course of events, as they were not far from consensus. There was a slight correction towards the end of the session and the unit closed at 37.58. Today, the GDP data and mainly its structure will be under scrutiny. We and also the market expects to growth to be confirmed at 7.5 % y/y, but we doubt that this excellent result will be able to change current sentiment on the market. For the time being, nothing much seems to be able to reverse this underlying koruna negative trend. The koruna is expected to remain sensitive to any changes in the global market environment. We expect increased volatility and movements in both directions cannot be ruled out. This morning the koruna is losing again, breaking through the level of 37.70. If the worsening sentiment persists, the koruna could fall further to 37.80 - 37.90 EURSKK.