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The forint strengthened to its highest level in three weeks as German industrial production rose for a second month and an unexpected acceleration in China’s external trade growth boosted riskier, emerging-market assets.
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Hungary’s forint dropped to a nine- month low as falling inflation stoked prospects for interest- rate cuts and lawmakers backed constitutional changes some European Union members say undermine democracy.
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The forint headed for the longest series of weekly declines in almost 18 months and bond yields rose as Standard & Poor’s cut the outlook on Hungary’s junk- grade credit rating to negative from stable.
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Hungary’s central bank will probably lower its benchmark interest rate to a record low as investors focus on the possibility of new President Gyorgy Matolcsy deploying unconventional measures to end a recession.
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Russia’s next central bank chairman will have scope to meet Vladimir Putin’s call for lower borrowing costs as yields on the shortest-maturity debt fall and economists predict the fastest inflation in 18 months will ease.
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Hungarian assets are “cheap” because the government will probably obtain a financing agreement from the International Monetary Fund and the European Union, London-based Citigroup Inc. strategist Luis Costa said.
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Two months after forcing through the biggest-ever sovereign bond restructuring, Greece once again faces the prospect of becoming the first developed nation to default on its debt.
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Hungary may need to sell foreign- currency reserves to stem the forint’s decline to an all-time low versus the euro as lifting interest rates would be a “shot in the head” as the economy slows, Citigroup Inc. said.
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The forint pared its plunge after Hungary’s ruling party denied a report in Vilaggazdasag late yesterday the government has picked Economy Minister Gyorgy Matolcsy as president of the central bank.
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Turkey’s 10-year bond yields headed for their highest level in almost three months on concern inflation will accelerate after the central bank cut interest rates yesterday for a second time this year.
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