The post-meeting communications from Hungary’s central bank (MNB) this week support our view that the pace of interest rate cuts will slow even further over the coming months. Meanwhile, Turkey’s local elections taking place on Sunday will provide a fresh gauge of support for President Erdogan and his AK party. Pressures on the lira have increased ahead of the election, and we wouldn’t be surprised to see it fall at a faster pace over the coming months as the central bank re-builds its FX reserves.
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