EFTA Document EFTA01458615

25 September 2015 FX Forecasts and Valuations: Don't throw in the towel Romania EURRON remains tightly managed by the NBR, and has effectively traded within the 4.40-4.50 range since early 2014. We do not expect a change in this managed currency regime or the EURRON range maintained by the NBR. RON remains undervalued on our fundamental valuation metrics, indicating that there is unlikely to be pressure to weaken the currency. Further, the NBR would not want to increase volatility or adver