Forint outperformance: Is it sustainable?
At the worst of the financial market crisis, the forint ranked lowest among emerging market (EM) currency performers, losing almost 19% versus the US dollar over the September-October 2008 period (down 7% versus the euro), with only the Icelandic krona (-30%), Turkish lira (-23%) and South African rand (-21%) performing worse over the same period. In a time of recovery in emerging market currencies, over the past quarter the Hungarian forint has been outperforming: up by 26% versus the US dollar
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