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Forint firms on interbank market

MNB

The forint was trading at 306.05 to the euro late Friday on the interbank forex market, up from 307.28 late Thursday. At 307.16 the euro early Friday, the forint moved between 305.93 and 307.74, after falling to a more than two-week low at 307.95 on Thursday. It touched a new close to six-month high at 303.63 on last Friday.

It is down 0.58% on the week after advancing 0.61% over the previous week. It is down 2.88 % year-to-date after sinking 1.95% last year.

A slight improvement of the euro in dollar terms helped the Hungarian currency firm, while expectations for a rate cutting competition in Eastern Europe receded in the wake of Polish and Czech GDP figures.

Analysts have earlier seen strong resistance at 308 to the euro, considering the government's need of a stronger currency by year-end to meet its public debt obligations under EU fiscal rules.

Secondary market yields on benchmark Hungarian sovereigns continued to fall on Friday, but their risk premium to corresponding German Bunds and US Treasuries narrowed, which may limit the upside for the forint.

The forint traded at 245.80 to the dollar, up from 246.47 late Thursday. On Friday, it moved between 245.49 -- after touching a six-day high at 244.68 on Thursday -- and 247.41, a more than two-week low. Last Friday it reached an almost one-month high at 241.95. It was quoted at 254.70 to the Swiss franc, up from 255.61 late Thursday. Its range on Friday was 254.61 to 256.03, a more than two-week low. It rose to a more than one-month high at 252.53 on last Friday.

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