On Tuesday last week Nouriel Roubini, one of the world's most influential financial analysts sent to clients the following investment recommendation in his regular newsletter: "Until Hungary signs a new deal with the IMF we recommend to short the forint." Thus he signalled that investors should bet on a weakening forint.

In light of the forint depreciation which began on Thursday speculators seem to have taken Roubini's advice and launched an attack on the forint after preparing on Wednesday.

Consequently, it has become clear that the weakening of forint since the middle of the week was not triggered by an article of the Minister for National Economy, but speculators - as they usually do - only sought an excuse to mask their attack.

(Ministry for National Economy)

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