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Hungary forint not to break south of 260 vs. Euro

Hungary's forint is to hover in a range between 260 and 264 to the euro this week and is seen unable to break the 260 level downward, CIB has said on Tuesday.

CIB bank also noted that the yields at today's auctions of 3-month and 6-month papers were to fall drastically. „Currently the level of 260 seems to be strong resistance, we do not expect the forint to break through following this week's data releases, €/Ft could move in the range of 260-264” CIB said. The Government Debt Management Agency (ÁKK) is going to hold 3-month and 6-month T-bill auctions today because of the national holiday tomorrow, the amount on offer will be Ft 25 billion and Ft 30 billion. While the average yield of the previous auctions were set at 8.13% and 8.41% respectively, CIB expects them in the range o 7.20-7.30% in case of the shorter and in the range of 7.30-7.40% in case of the longer paper. (portfolio.hu)