HUF still is among the most vulnerable currencies, Citigroup says, as it regards Hungary's economic backdrop "very weak." Adds that the central bank keeps cutting interest rates, and basic vulnerabilities such as issues about central bank independence and the high level of foreign exchange loans remain mostly in place. "Should risk premia in Europe move higher again, as we expect, HUF remains amongst the most vulnerable" currencies, Citigroup says. Keeps its EUR/HUF forecasts unchanged at 290 in the near term and 300 further out. EUR/HUF is currently 282.70.
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