Forint down on the dollar's rise
The forint was trading at 309.03 to the euro late Monday on the interbank forex market, down from 307.99 late Friday and 308.23 late Sunday. At 308.24 to the euro early Monday, the forint moved between 307.90 and 309.61, a four-day low.
The Hungarian currency continued to ease in the wake of the Fed's guidance last Wednesday that prompted investors to pencil in an earlier US rate hike next year than previously thought.
The dollar, which gained more strength on Monday from upbeat US car purchase and manufacturing figures, also weighed on the forint while the risk premium of Hungarian sovereigns compared to US treasuries narrowed on the secondary market. Hungarian yields fell on last week's announcement that Hungary could do without a foreign currency issue next year, while US yields rose on the expectations for the Fed.
The forint traded at 247.52 to the dollar, down from 245.91 late Friday and 246.53 late Sunday. On Monday, it moved between 246.25 and 247.89 an almost one-month low.
It was quoted at 256.27 to the Swiss franc, down from 255.80 late Friday and 255.60 late Sunday. Its range on Monday was 255.37 to 256.78, a four-day low.
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