CE currencies strengthen ahead of ECB meeting
Macroeconomic fundamentals remain supportive
Yesterday Hungarian and Czech data confirmed that the CE region is recovering. According to the Hungarian statistical office, final detailed data confirmed robust annual growth of GDP in 1Q 2012 of 3.5 % and showed that the economy is driven mainly by manufacturing and construction. Today’s release of industrial output in April again exceeded expectations. According to KSH, Hungarian industrial output rose annually by 10.1 %, 3% more than the market expected.
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KBC