Forint stabilizes by early afternoon

History

The Hungarian currency, which dived into a 14-month low against the euro on Monday, seems to be gaining back its strength and is stabilizing against the euro at sub-290 levels by early Tuesday afternoon.

The euro/forint rate approached 292 on Monday following the IMF/EU delegation’s walkout from the negotiations with the Hungarian government. The forint started Tuesday morning trading session slightly stronger than at closing time on Monday, and was quoted at around 288.8 to the euro at 8 a.m.

Later today it has moderately eased against the euro and reached the 290 level again.

There is cautious optimism on global capital markets, which has a benign influence on emerging currencies, and both US and Asian markets look promising, online news portal Portfolio.hu reported. As a result of the lighter mood, the euro gained to an over two-month high versus the US dollar.

The forint gained today against all key currencies. It firmed to 222 versus the US dollar from yesterday's peak at 225 and appreciated to 211 versus the Swiss franc on the interbank market.

 

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