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HUF: Citi Recommend Selling HUF Against EUR/USD Basket

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

Citi recommends selling the forint against a euro-dollar basket via 3-month forwards. Targets are 404-405 in EURHUF and 366-367 in USDHUF.

  • “The Forint is now under renewed pressure due to media reports of a potential recalibration of fiscal balance expectations” toward a weaker fiscal stance by the government, Citi strategist wrote in a note.
  • “We believe that could set up the Hungarian forint in a short- and medium-term path of underperformance, despite the expected cautious monetary policy approach by the central bank,” they add.
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Citi recommends selling the forint against a euro-dollar basket via 3-month forwards. Targets are 404-405 in EURHUF and 366-367 in USDHUF.

  • “The Forint is now under renewed pressure due to media reports of a potential recalibration of fiscal balance expectations” toward a weaker fiscal stance by the government, Citi strategist wrote in a note.
  • “We believe that could set up the Hungarian forint in a short- and medium-term path of underperformance, despite the expected cautious monetary policy approach by the central bank,” they add.