Hungary's forint grows weary attacking 255 vs. euro
Hungary's forint has tried to no avail for days to break south of 255 versus the euro and it has apparently grew fatigue in its repeated attempts.
On Wednesday the forint hovered in a tight range between 255.00 and 255.50 in morning session and eased to 255.70/256.20 by late afternoon trade. The forint's peers in the region were largely flat to the euro today. Yields dropped 1-4 basis points at shorter maturities on the local secondary market, while longer instruments saw yields going up to a similar extent, compared to late Tuesday levels. An auction of 3-year bonds (Ft 75 billion on offer) by the Government Debt Management Agency (ÁKK) will be in focus on Thursday.
Another important event from the markets' point of view will be a speech by central bank (NBH) Governor Zsigmond Járai, who attends a forum of the American Chamber of Commerce (AmCham) tomorrow. The Finance Ministry will publish preliminary figures for the November budget balance at 17:00 CET on Thursday, which also deserves some attention. Moreover, the European Central Bank (ECB) is almost certain to raise rates by 25 basis points to 3.50% tomorrow, but the subsequent comments will be of even greater importance, as it could pave the way for further tightening in the spring of 2007. (portfolio.hu)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.