Hungary's improved medium-term outlook under the premise that an IMF/EU support plan will be implemented is giving the forint a lift. Gaelle Blanchard of Societe Generale expects EUR/HUF to close the year at 285 and retrace to 265 in 2013. The euro is already at HUF285.91, having seen a sharp reversal on indications from the Hungarian government that it plans to change its controversial central-bank law, a crucial to-do item before formal negotiations with the IMF can begin. The government has yet to make any changes to the law.
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