Forint down on the dollar's rise

Competition

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.

ADVERTISEMENT

Czech economic confidence weakens in September Analysis

Czech economic confidence weakens in September

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.