Something in Hungary has to change this year. It will either be forced by the financial markets or the government will do it voluntarily as a preemptive step.

Sharon's illness creates the risk of a political vacuum, leaving his party without a clear direction. It's definitely negative for the currency and we could see further weakness in the shekel.

The economy will continue to do pretty well, after the very strong figures we saw in the fourth quarter. That gives the currency a chance to strengthen.

Growth is still very strong. Once you focus beyond the politics in Poland, you're actually quite pleased with what you see.

The market will now worry about what concessions Law & Justice has had to make. There are also concerns about the change to central bank law.