Forint gains versus euro and dollar

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The forint was trading at 313.99 to the euro late Tuesday on the interbank forex market, up from final quotes at 315.32 on Monday.

At 314.66 to the euro early Tuesday, the forint moved between 313.47, a four-day high, and 316.06, after a two-week low at 316.26 late Friday, and a more than five-week high at 309.05 both last week Monday and Tuesday.

After initial falls and despite demand waning to a multy-year low at the regular three-month Treasury bill auction in the morning with slightly rising average yield, the Hungarian currency recovered later as dollar pressure eased on growing uncertainty concerning the intentions of the US Fed.

Another analysis, published by Hungaryʼs central bank, of strong Q2 balance of payments data also supported.

The forint traded at 279.46 to the dollar, up from 280.39 in final quotes on Monday. On Tuesday, it moved between 279.28, a four-day high, and 280.83, after a more than six-week low at 284.00 late Friday.

It was quoted at 287.82 to the Swiss franc, a tad up from 287.88 late Monday. Its range on Tuesday was 287.09 to 289.00, after a nearly three-week low at 289.23 Friday 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.


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