Forint loses momentum versus euro


The forint was trading at 314.62 to the euro late Monday on the interbank forex market, down from final quotes at 313.88 on Friday and 313.99 on Sunday.Also at 313.99 to the euro early Monday, the forint moved between 312.96 and 314.79, a four-day low, after a nine-day high at 311.25 late last Thursday.

Over last week, the forint edged up 0.09% versus the euro, after garnering 0.22% over the week before.

Central European currencies eased on Monday in thin turnover and fragile mood after mixed US jobs data on Friday, while Europeʼs migrant crisis continued to dominate the headlines.

Trade was subdued while the US was closed for the Labor Day holiday, and dealers got "stuck to their screens to watch what is happening (to the mostly Syrian refugees channeled through Hungary to Austria and Germany)," Reuters quoted Budapest analysts as saying. "This is a negative risk factor for the whole of Europe, not just our region," they added.

However, while the forint continued to slowly erode versus the euro and the dollar, the euro itself gained 0.7% against the dollar.

Border controls, if reinstated for a longer period of time, could cause delays in transportation and hit some foreign trade and tourism, hurting forint demand, analysts also said.

The forint traded at 281.80 to the dollar, down from 281.58 in final quotes on Friday and 281.41 on Sunday. On Monday, it moved between 281.00 and 282.25, after another more than three-week low in two days at 282.92 late Friday.

It was quoted at 288.93 to the Swiss franc, up from 289.19 late Friday and 289.61 late Sunday. Its range on Monday was 288.58 to 289.90, after an eight-day high at 287.07 Wednesday 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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