Macroeconomic Forecast Hungary

Our bullish outlook on the Hungarian forint has played out nicely since the start of 2010, with the unit appreciating against the euro to trade at HUF261.31/EUR at one point on April 15. While volatility across Central and Eastern European financial markets will likely remain pronounced in the near term due to ongoing concerns surrounding Greek sovereign debt and increasing doubts about the strength of the regional recovery, going forward we believe further forint appreciation is on the cards, and maintain our end-2010 forecast of HUF252.00/EUR.

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