EUR/HUF expected to test 304.00 in 12-month – Danske Bank
|Jakob Christensen, Chief Analyst at Danske Bank, sees the Hungarian Forint losing ground towards the 304.00 area within a year’s view.
Key Quotes
“The HUF has weakened slightly more than we thought to 310, mostly as the ECB came across slightly more hawkish at its latest meeting”.
“Looking ahead, we think that political election risks in France could weigh on HUF, but we also think that economic momentum in the Hungarian economy will continue to improve, mitigating the weakness”.
“Longer term, the positive external balance and undervalued exchange rate are supporting factors for the HUF. Hence, we think EUR/HUF will remain around present levels to slightly weaker near term. We target 308 in 1M and 3M, strengthening to 306 in 6M followed by 304 in12M”.
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