Forint eases further on interbank market


The forint was trading at 307.29 to the euro late Thursday on the interbank forex market, down from 306.94 late Wednesday. At 306.95 the euro early Thursday, the forint moved between 306.71 and 307.32, after hitting a two-week low at 307.56 on Wednesday. It touched a new close to six-month high at 303.63 on last Friday. 

The slide of the Hungarian currency slowed as Hungary continued to benefit from low borrowing costs at a government bond auction for longer maturities on Thursday with dropping yields amid still good demand, while expectations of monetary easing are high in the region and the euro zone.

However, bid-cover ratio fell from the previous auction two weeks ago. Rising expectations of more monetary easing, and some business-unfriendly plans from the Hungarian government weigh on the forint, though, Raiffeisen said in a note on Thursday.

Still, the government would probably like to see a stronger currency going into year-end given the foreign debt position. Raiffeisen expects the forint slide some more, but reach strong resistance at 308 to the euro.

The forint traded at 246.26 to the dollar, down from 245.43 late Wednesday. On Thursday, it moved between 245.06 and 246.42. Last Friday it touched an almost one-month high at 241.95.

It was quoted at 255.70 to the Swiss franc, down from 255.36 late Wednesday. Its range on Thursday was 255.14 to 255.74, after reaching a two-week low also at 255.74 on Wednesday. It rose to a more than one-month high at 252.53 on Friday.



Sharp Rise in Energy Costs Putting Strain on Competitiveness Analysis

Sharp Rise in Energy Costs Putting Strain on Competitiveness

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim... City

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.