Forint falls further in euro, firm in dollar
The forint was trading at 316.02 to the euro late Wednesday on the interbank forex market, down from final quotes at 313.81 on Tuesday. At 313.82 to the euro early Wednesday, the forint moved between 313.53 and 316.17, a more than two-month low, after a four-day high at 310.92 late on Monday.
Outlook for some more easing from the National Bank of Hungary (MNB) next week left the Hungarian currency unprotected against the euro that quickly gathered strength versus the dollar partly on short-covering after ECBʼs easing last week came in smaller than expected, and partly on perception that the US Fed is preparing for a "dovish hike" next week with a milder tightening than previously thought.
This equation left the forint falling steeply versus the euro, its loss reaching 1pc within two days, and helped it stay firm against the dollar. The euro gained about as much versus the dollar on Wednesday as the forint weakened against the euro.
The forint traded at 287.94 to the dollar, a hair up from final quotes at 287.99 on Tuesday. On Wednesday, it moved between 286.85 and 288.60, after a five-day low at 289.53 early Tuesday, and a one-month high at 284.75 late last Thursday. On November 27, it fell to a third more than fifteen-year low within a month at 295.76.
It was quoted at 291.82 to the Swiss franc, down from 290.04 late Tuesday. Its range on Wednesday was 289.41 to 291.95, a one-month low, after a four-day high at 286.45 Monday intraday. Since its crash to an all-time low at 378.49 to the franc on January 15 when the Swiss central bank scrapped its cap of 1.20 to the euro, it reached the highest at 281.07 on February 26.
ADVERTISEMENT
Economic Development Ministry Responds to Banking Concerns
Parl't Approves Amendments to Legislation on Judiciary
Hungary Home Stock Grows as Population Declines
New MTÜ Campaign Invites Tourists to Relax at the Waterfront
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.
.jpg)
