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Forint weakens due to London blasts

Shortly after multiple explosions shook the London underground in the morning rush hour today investors in Budapest started selling their shares and buying long-term government bonds. The forint weakened 0.40 from its opening rate against the euro to 248.50/60 after news of the explosions. The forint weakened by the same amount against the dollar to 207,90/248.00. Offers had already been made at a morning auction of five- and ten-year government bonds when the news broke from London, so the sale was unaffected. Traders said they expected the forint to weaken further during the day and yields to rise.