1421 GMT [Dow Jones]--UniCredit recommends going long USD/HUF as the forint remains vulnerable to further tightening of global financial conditions. "This is largely due to Hungary's large stock of external debt and large government financing requirements," says UniCredit analyst Vasileios Gkionakis. With USD/HUF trading around 222.16 and a spot return of 2.1%, "we think that today's strong nonfarm payrolls report will accelerate the cross higher towards our target of 240," he says. (chiara.albanese@wsj.com)
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May 02, 2014 10:21 ET (14:21 GMT)
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