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The lira gained for a second day on speculation the U.S. Federal Reserve will renew its commitment to asset buying, extending its loose monetary policy and boosting investors’ appetite for riskier assets.
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The forint headed for the steepest three-day slide in more than a year on speculation a change of leadership at the central bank in March will make monetary easing more radical and weaken the currency.
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Hungary’s Economy Ministry blamed Nouriel Roubini for the forint’s weakening to a seven-month low against the euro, saying Minister Gyorgy Matolcsy’s comments on the currency didn’t cause the depreciation.
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Poland’s improving public finances aren’t enough for an upgrade at Moody’s Investors Service, even as the derivatives market deems the nation’s bonds as safe as French debt that’s rated four steps higher.
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Investors should buy the forint and sell the koruna as Hungary’s currency is likely to strengthen against the Czech Republic’s on central bank support, DZ Bank AG said.
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The Turkish lira sank the most almost in a month as an increase in the unemployment rate prompted bets the central bank will cut interest rates tomorrow to stimulate economic growth.
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The Czech government’s funding costs fell to an all-time low for the fifth consecutive bond auction as the koruna’s appreciation to the strongest in four months added to expectations for interest-rate cuts to zero.
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Poland is outperforming higher-rated Germany in the credit-default swap market, cutting the premium to the least since Lehman Brothers Holdings Inc. collapsed four years ago, helped by rule changes designed to limit speculation.
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The forint rose to the highest in four weeks after Prime Minister Viktor Orban said he would compromise with the European Union over disputed laws to revive talks on a bailout.
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The lira strengthened for the first time in seven days, snapping its longest losing streak in six months after the central bank tightened monetary policy.
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