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Forint up on interbank market

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The forint was trading at 310.71 to the euro late Wednesday on the interbank forex market, up from final quotes at 312.47 on Tuesday. At 312.49 to the euro early Wednesday, the forint moved between 310.70 and 312.60, a four-day low, after an eight-day high at 309.91 late Tuesday.

After stumbling over the euro-dollar cross with the euro still flexing some muscle, the Hungarian currency recovered by afternoon as the euro resumed its downward path, losing Tuesdayʼs gain against the dollar, on lower than expected, stagnant, preliminary November inflation figures from the euro area, while the dollar got support from US private sector hiring data that showed acceleration in November.

An announcement of the state-owned Hungarian Development Bank that it would issue an EUR 300mln international bond for six years on December 8 could also underpinned the forint against the euro.

Meanwhile, the forint pared earlier gains versus the dollar.

However, it remained in tight range, waiting for a resolution of the outlook riddle ahead of policy meetings of the ECB, the Hungarian central bank and the US Fed, all within two weeks.

The forint traded at 293.92 to the dollar, a hair up from final quotes at 294.06 on Tuesday. On Wednesday, it moved between 293.15 and 294.69, after an eight-day high at 291.82 late on Tuesday, and a third more than fifteen-year low within a month at 295.76 late last Friday.

It was quoted at 285.76 to the Swiss franc, up from 286.54 late Tuesday. Its range on Wednesday was 285.62 to 286.86, after a twelve-day high at 284.17 Tuesday 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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