Hungarian Forint At 1-Week Peak
- 8 Jul 2010 2:00 AM
"Wednesday’s opening bells in the US have filled the air with optimism in worldwide markets, which have propelled the forint to a 1-week high vs. the euro. As yet no firming is apparent vs. the Swiss franc or the US dollar.
The clouds that cast dark shadows on markets worldwide on Wednesday morning are now gone; stocks are rising as trading in US markets kicked off, which is supportive for the forint. EUR/HUF quotes have declined from 285 on Wednesday morning to 283-283.50 in the afternoon CET; that is the forint is at its strongest since 28th June.
The CHF/HUF rate has gone down to 212.70-213 while the US dollar is worth approximately HUF 225 in the interbank market.
Due to the absence of high-impact US news trading is mostly driven by market confidence factors."
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