It was off 0.21% from late last Friday, after ending last week flat. It is up 3.55% from the end of last year, after it lost 6.12% last year, and 1.95% in 2013.
After two days of rises, the Hungarian currency was pulled back by the euro which weakened versus the dollar in “Grexit” fears.
The forint, however, is underpinned as the date when the ECB starts its quantititavie easing nears, supported also by recent data on large and growing current account surplus.
The recent widening of long-dated Hungarian government bond yield spreads over Germany, driven in particular by lower German Bund yields, have boosted the appeal of Hungarian debt, Raiffeisen said in a note on Friday. “Given the considerable widening of the 10-year spread versus Germany…we see value at longer-dated Hungarian government bonds at the moment,” the house said.
The forint traded at 269.29 to the dollar, down from 268.80 late Thursday. On Friday, it moved between 268.53 after a six-day high at 266.69 Thursday intraday, and 271.58, an eight-day low.
It was quoted at 285.36 to the Swiss franc, down from 283.07 late Thursday. Its range on Friday was 282.10 to 287.04, after hitting on Thursday, at 281.75, the highest since its crash to an all-time low at 378.49 on January 15 when the Swiss central bank scrapped its cap of 1.20 to the euro.
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