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Forint up again in euro on interbank market

MNB

The forint was trading at 310.83 to the euro late Tuesday on the interbank forex market, up from 311.67 late Monday. At 311.58 to the euro early Tuesday, the forint moved between 310.07, a five-day high, and 311.86. It is up 1.39% over the month, but down 0.28% over the quarter.

The Hungarian currency improved again on good uptake of discount three-month T-bills at an auction on Tuesday. Demand is strong at the short end of the curve with more expected to come, after hopes rose for a larger infusion of quantitative easing from the European Central Bank (ECB) in the wake of another dismal euro area inflation figure.

However, expectations that rising US interest rates will erode the appeal of emerging market debt, and lingering fears that the refunds and debt conversion to household clients might rock Hungary's financial system, still kept the forint on the weak side of 310 to the euro, while it eased in dollar terms.

The forint traded at 246.11 to the dollar, down from 245.69 late Monday. On Tuesday, it moved between 244.63 and 246.93, not far from a 28-month low on Monday at 247.40.

It was quoted at 257.42 to the Swiss franc, up from 258.24 late Monday. Its range on Tuesday was 257.04, a five-day high, to 258.46, after a twelve-day low at 259.82 on Monday.

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