"Trading of the Hungarian forint vs. the euro started near the yesterday's 6-month forint peak, with EUR/HUF quotes close at 270.Yesterday's spectacular global rally was followed by very slight correction, we expect the DAX stock futures index to open around -1%. At 1.42, the US dollar weakened to a 1-month low vs. the euro as risk appetite grew and carry trades ate into the strength of the dollar. The rate dropped back to 1.4120 by this morning.
In this investment climate, the Hungarian forint firmed past the 270 mark vs. the euro in a great rally yesterday, paralleled by the increased strength of other regional currencies. The Polish zloty emerged as the champion of the day after a 2.5% rise; the forint rose 1.7% from 273 to 268.50 vs. the euro. Trading started at 268.50-269 in the interbank market.
The USD/HUF rate dipped slightly below 190, opening quotes have been around 190.50-191 this morning. Quotes vs. the Swiss franc have been stable around 177."
Source: Portfolio Online Financial Journal
02.07.2009