Hungarian forint weakens on interbank market
On Tuesday afternoon the Hungarian currency weakened significantly on the interbank market, trading at 235.50/55 against the euro at 4:30 p.m., compared to a Monday rate of 233.50/60.
The EUR/HUF rate jumped from 233.85/95 (at 9 a.m.) to 235.50 within 30 minutes then fluctuated between 235 and 236 during the day. Traders reported that Euro bounced back from the 236 level-mark twice. Other regional currencies, such as Czech koruna and Polish zloty, also weakened on Tuesday, though to a lesser degree than the Hungarian currency.
Global factors, primarily the Federal Reserve’s Tuesday-evening rate-decision and post-decision comments, are likely to determine the USD/HUF rate. On Tuesday afternoon US dollar was worth Ft 152.15/25, compared to a Monday rate of 149.80/90.
Thin liquidity propelled forint-market O/N interest to 8.70/90%. Secondary government-bond yields rose to a minor degree, with the yield on three-year bond increasing 5 basis points to 8.75%, that on five-year bond increasing 4 basis points to 8.54% and that on ten-year bond increasing 3 basis points to 7.88 %. (Gazdasági Rádió)
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