JPMorgan says Nicușor Dan's election victory reduces political risks and improves economic outlook for Romania

<p>U.S. bank JPMorgan has assessed that the victory of Bucharest mayor Nicușor Dan in the presidential election lowers political risks, making a downgrade of sovereign ratings less likely. The bank expects a moderate devaluation of the leu, forecasting a rate of 5.10 lei/euro by the end of the second quarter. JPMorgan also adjusted its exposure to Romanian bonds to marketweight. The formation of a government majority remains complex, with the possibility of a new government being established by June.