'Most vulnerable' emerging markets now face Euro recession risk

"Europe is far more vulnerable at this stage, so it's reasonable to assume that the central and eastern currencies will underperform, especially if euro-dollar falls," said Piotr Matys

Already suffering from the war in nearby Ukraine, eastern Europe’s main currencies are about to take another blow from a looming euro-area recession. 

Traders are more bearish on the Hungarian forint, Polish zloty and Czech koruna than any other developing-nation currency except for Russia’s ruble and the Turkish lira, according to data collected by Bloomberg. And Goldman Sachs Group Inc., Fidelity International and InTouch Capital Markets all see eastern Europe suffering more than other emerging markets if the euro weakens.

The three currencies are seen as especially vulnerable to wavering demand from the 19-nation single-currency area, which buys about 60% of each