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Hungary’s forint appreciated markedly versus the euro over the past few weeks, but fund managers polled by Portfolio.hu have not turned less upbeat in their outlook on the HUF. The majority project that EUR/HUF will be +/-2% away from the 266 reference value three months from now and the ratio of those forecasting a 2% plus forint weakening has decreased since our last poll a month ago. Fixed-income investors may find consolation in the fact that none of the respondents expect Hungarian government securities yields to rise considerably in the short term. While the positioning of HGBs relative to the fund managers’ own benchmark remained net underweight, the pessimism observed in the past months has abated.

read whole article PORTFOLIO.HU | Which way forward for Hungary’s forint? – Portfolio.hu Fund Manager Survey.