EFTA Document EFTA01379448

11 December 2017 Special Report: EMFX Outlook 2018: Growth-led Revaluation HUF appreciation in line with fundamentals and valuation. PI on the other hand, is at the strong end of the recent range. However, we believe that tensions with the EU - the main barrier to PLN appreciation - seem to be softening, opening up more room for appreciation in line with fundamentals and valuation; positioning is also still light in historical terms. NCH'. Comfortable with stronger HUF than in the past