Forint firm on interbank market
The forint was trading at 309.70 to the euro late Wednesday on the interbank forex market, up from 310.83 late Tuesday. At 310.69 to the euro early Wednesday, the forint moved between 309.34 and 311.13, after an almost three-week high at 309.22 Tuesday intraday, and a sixth more than five-month low within a week at 318.55 last Wednesday evening.
Steady in a narrow range for most of the day, the Hungarian currency gained more versus the euro, and fell back against the dollar, after fresh data showed producer prices in the US rose more than expected for the second straight month in June, US industrial production increased above expectations for the first time in four months in June, and the Empire State manufacturing index also rose more than expected for July after a fall in June, boosting the dollar against the common currency. Later, Fed Chair Janet YellenĘĽs testimony in congress confirmed the eventuality of a rate hike still this year.
Wider movements, however, were forestalled by another waiting game before a crucial vote Wednesday evening in GreeceĘĽs parliament on the countryĘĽs last-ditch bailout programme that was conditionally adopted by EU leaders on Monday.
Secondary market yields of Hungarian government paper that fell optimistically across the curve also provided some support to the forint on Wednesday.
The forint traded at 282.69 to the dollar, down from 282.31 late Tuesday. On Wednesday, it moved between 281.70 and 283.62, after a four-day low at 283.93 Tuesday intraday, and a more than two-week high at 276.70 last Friday intraday.
It was quoted at 296.57 to the Swiss franc, up from 298.76 late Tuesday. Its range on Wednesday was 296.57 to 299.00, after a four-day low at 299.43 Tuesday intraday, and a nearly five-week high at 295.24 Monday intraday. 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, it reached the highest at 281.07 on February 26.
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