Forint firms on interbank market
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.
ADVERTISEMENT
Hungary PMI Edges up to 47.4 in September
Ukraine Suspends OTP Status on 'Sponsors of War' List
Karikó and Weissman Receive 2023 Nobel Prize in Medicine
Pálinka Added to EU-Japan Geographical Indication Deal
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.
