Central Europe and Turkey: no cause for concern
MARKET VOICE
The gains in the central European (CEE-4) currencies and the Turkish lira after the French ‘non’ vote makes sense in terms of market dynamics: sell the rumour, buy the fact. But they don’t make sense in terms of fundamentals. We think the piper will have to be paid, via a higher risk profile for the group overall. The Hungarian forint and Turkish lira are particularly vulnerable.
The EU’s referendum/budget debacle left the CEE-4 currencies and the Turkish lira unscathed versus the euro, in
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