Hungary Blames Roubini for Forint Woe

2013. január 15. 10:05
Veronika Gulyas
WSJ
The forint neared the psychological level of 300 forints to the euro last week soon after Mr. Matolcsy’s remarks were published.


"Hungary’s economy ministry said Monday investors are speculating against the Hungarian forint on the advice of a prominent financial analyst, and that is why the currency is weakening significantly against the euro. 'Nouriel Roubini, one of the most influential financial analysts in the world, recommended taking a forint short position in an investment note,' the ministry said in a statement. 'It seems that speculators have taken Mr. Roubini’s advice and started their attack on the forint.'

Mr. Roubini’s research firm, Roubini Global Economics, on Jan. 3 recommended selling the forint, as well as the Indian rupee, the Czech koruna and the South African rand 'due to the weak policy outlook and macro fundamentals' of these countries. The forint weakened sharply last week, which the markets attributed to comments favoring a weaker forint from Economy Minister Gyorgy Matolcsy, who is believed to be the leading candidate to head the central bank from March. The ministry on Monday disputed the notion that Mr. Matolcsy’s comments were to blame.

The forint neared the psychological level of 300 forints to the euro last week soon after Mr. Matolcsy’s remarks were published. It considerably underperformed regional peers, the Polish zloty and the Czech koruna. At noon local time on Monday, the forint was at 297 forints to the euro, more than 2% weaker than in the beginning of January and at a seven-month low."

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