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.
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