Forint eases further on interbank market


The forint was trading at 312.31 to the euro late Friday on the interbank forex market, down from 312.00 late Thursday. At 311.69 to the euro early Friday, the forint moved between 310.98 and 312.91, a four-day low.

It is down 0.31% on the week in euro terms after rising 1.29% over the previous week. It is down 4.82% year-to-date, after easing 1.95% last year.

The unexpected chance of a forex sovereign issue still this year floated by Hungary's economy minister earlier in the week, and the pledge of the central bank to sell banks part of its forex reserves to help mitigatate the impact of refunds and debt conversion to clients put a floar under the forint, but its course still reflected the detrimental effect of worries for Hungary's financial system, and that of the strenghtening dollar on emerging market assets after two, short-lived, attempts during the week to scale the 310 to the euro barrier.

However, the reversed trend of Hungarian benchmark sovereign yield now rising faster than that of the US treasury, while Bund's yield eases, if continues, may support the forint later, analysts add.

The forint traded at 245.99 to the dollar, down from 244.69 late Thursday. On Friday, it moved between 243.94 and 246.36, a more than two-week low.

It was quoted at 258.75 to the Swiss franc, down from 258.48 late Thursday. Its range on Friday was 257.68 to 259.21, an eight-day low.


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