Hungary may reach an agreement with the International Monetary Fund by the end of September, Morgan Stanley said, adding that there is a risk of delay in sealing the deal.

The forint should outperform the Polish zloty as Hungary nears an agreement, Morgan Stanley said in a report today. Buying the Hungarian currency and selling the zloty is a trade “we are watching,” Morgan Stanley said, adding that it does not recommend the trade “yet.”

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net