Forint prepares for Fed decision
The forint firmed to the EUR and the CHF on Tuesday, but softened compared to the dollar ahead of the Federal Reserveʼs rate-setting meeting in the United States on Wednesday.
The forint was trading at 316.06 to the euro shortly after 17:30 on Tuesdayʼs interbank forex market, firming from 316.95 late Monday. The forint strengthened until late afternoon when a short correction took place. On Tuesday the euro exchange rate moved between HUF 317.62 and HUF 315.23.
The forint traded at 289.28 to the dollar, down from 287.16 on Monday. Following some limited gains in the morning the forint weakened against the dollar on Tuesday. The forint traded at 289.74 to the dollar at one point.
The Federal Reserve will hold a rate-setting meeting on Wednesday and analysts are widely predicting that the Fed will raise its base rate, which is in turn strengthening the dollar. The Fed has kept interest rates in a band between 0% and 0.25% since December 2008.
The forint was quoted at 292.15 to the Swiss franc compared to 293.18 earlier. The forint slowly but steadily strengthened against the franc on Tuesday. In the early hours the forint traded at 293.33 to the Swiss franc.
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