Forint volatile on interbank market

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The forint was trading at 309.24 to the euro late Friday on the interbank forex market, a hair up from 309.29 late Thursday. At 309.26 to the euro early Thursday, the forint moved between 308.61 and 309.77, after a more than three-month low at 309.94 Wednesday intraday, and a Thursday intraday low of 309.92.

It is down 0.68% versus the euro from final quotes last Friday, after losing 0.21% last week, and plunging 1.45% the week before. It is up 2.41% from the end of last year, after it lost 6.12% last year, and 1.95% in 2013.

Dollar pressure eased further and the euro continued to slowly appreciate versus the US currency despite no letup in uncertainty around Greeceʼs debt talks. But more and more euro zone officials air opinions that a potential "Grexit" would harm the total area much less than previously thought.

This perception left some room to correct a bit up for the Hungarian currency as well, while local news, including fresh data on stubborn producer price deflation which reinforced expectations of further base rate cuts, and hints from the National Bank of Hungary (MNB) at additional regulatory interventions in the retail lending scene with the aim of shepherding banks into converting forex personal and car loans into forint debt after a similar conversion of forex household mortgages has just been concluded, kept the forint in its recent weak range.

The forint traded at 281.93 to the dollar, up from 282.13 late Thursday. On Friday, it moved between 280.76, a five-day high, and 283.15 after a more than tow-month low at 285.89 Wednesday intraday.

It was quoted at 298.94 to the Swiss franc, up from 299.15 late Thursday. Its range on Friday was 298.60 to 300.58, a four-month low. 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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