Hungary's Forint Eases Dramatically
- 19 Jul 2010 2:00 AM
"As it was expected, trading on FX markets kicked off with a huge gap on Monday and Hungary’s forint eased substantially versus every key currency.
The HUF depreciated to above 289 versus the euro from around 282 late on Friday, which marks a 2.5% weakening in a matter of hours.
The early departure of the IMF, EU teams from discussions in Budapest has clearly made an impact on other FX markets in the region. Poland’s zloty and the Czech koruna are also losing strength, but not as dramatically as the forint.
The forint has never opened with such a huge gap (2.5%) and the Hungarian currency is close to reaching its weakest level to the EUR in 12 months (it eased to above 290 briefly in early June)."
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