Forint mixed on interbank market

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The forint was trading at 306.46 to the euro late Tuesday on the interbank forex market, up from 307.21 late Monday. At 307.17 to the euro early Tuesday, the forint moved between 306.23 and 307.56.

Early in the day, the Hungarian currency was spooked by a halved auction of three-month government paper due to serious undersubscription, which reflected the discontent of investors with recent yield falls, given Hungary's junk rating.

Later on, the fall of the euro in dollar terms helped the forint recover. The euro weakened after news that the ECB is mulling the purchase of corporate bonds in addition to covered bonds issued by credit institutions.

Any widening of ECB easing in terms of market liquidity is positive for Hungarian assets, too.

The forint traded at 240.77 to the dollar, down from 240.03 late Monday. On Tuesday, it moved between 239.25 and 240.94. It was quoted at 253.98 to the Swiss franc, up from 254.58 late Monday. Its range on Tuesday was 253.77 to 254.94.

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