"There is apparently nothing that could dislodge the forint from its stable position versus the euro that has been characteristic of the Hungarian currency for some weeks now. In Tuesday's session the HUF moved in a very tight range between 251.60 and 252.30 to the single European currency.The unusual stability of the forint and the weakening of the USD on the world market led to a firming of the HUF to 161.60/90 against the greenback by late afternoon.
In the region, Poland's zloty and the CZK were both practically motionless versus the EUR, while Turkey's lira and South Africa's rand eased by about 1% each to the euro, compared to their late Monday levels, while in the morning session they were still about 1% stronger than their Monday close.
Government securities yields at benchmark maturities moved 1-2 bps sideways from late Monday levels, according to Government Debt Management Agency (ÁKK) data.
By late afternoon the USD has lost all its strength it gained early in the day against the euro, easing from around 1.5540 to 1.5460 in the morning. Shortly before 17:00 CET the USD was quoted at around 1.5560 to the EUR."
Source: Portfolio Online Financial Journal
07.05.2008