Forint up versus euro, down against dollar

Analysis

The forint was trading at 313.69 to the euro late Wednesday on the interbank forex market, up from final quotes at 314.48 on Tuesday. At 314.51 to the euro early Wednesday, the forint moved between 313.37 and 315.74, a five-day low, after a six-day high at 312.71 Monday intraday.

While the euro corrected down versus the dollar after an almost 1% gain on Tuesday on dismal US manufacturing figures from August, the Hungarian currency advanced in euro terms after a short wobble in the morning, and eased against the dollar, also reversing Tuesdayʼs trend versus both.

Data Wednesday afternoon on weaker-than-expected private hiring in the US only slowed the corrective trend.

Sentiment was quite neutral with the forint rangebound in thin trade, traders said.

Hungarian government bonds were mixed, with the curve steepening a bit. The short end of the yield curve remains under pressure, with buyers outweighing sellers, but the long end is very quiet and is influenced by global risk "on and off", dealers said.

The forint traded at 279.26 to the dollar, down from 277.94 in final quotes on Tuesday. On Wednesday, it moved between 278.32 and 280.42, after a six-day high at 276.94 Tuesday intraday, and an almost three-week low at 281.49 Monday intraday.

It was quoted at 288.12 to the Swiss franc, up from 289.89 late Tuesday. Its range on Wednesday was 287.92, an eight-day high, to 290.88. 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.

ADVERTISEMENT

Farm, food industry confidence improves slightly in Q2 Analysis

Farm, food industry confidence improves slightly in Q2

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.