"The Hungarian forint and the Polish zloty saw respective losses of 1% and 1.5% vs. the euro on Monday morning, with the trend halted around 9 o'clock in the morning. Amid a slightly chilly investment climate, further weakening of regional currencies is possible.9:50 a.m.
The exchange rate of the forint stabilized around 274 this morning as the strengthening of the US dollar vs. the euro was halted and European stock markets began to recover from the negative trends seen early in the morning.
8:56 a.m.
The forint climbed back to 272 vs. the euro on Friday afternoon, and quotes started from the same level as trading kicked off this morning on the interbank market. The week has started with losses for the forint in the wake of a chillier investment climate in Asia. European futures may start trading with losses exceeding 1% as markets open in the Western half of the continent.
This morning saw EUR/HUF quotes rise to the 274.50-275 range this morning; quotes vs. the US dollar went up from Friday's 187 to 188.50, meanwhile the CHF/HUF exchange rate has risen from 180 to 181.
With no key macro reports scheduled for release either in Hungary or in the world's key markets, currency trends may be driven by confidence factors and “reminiscences" of the Lehman Brothers bankruptcy a year ago. "
Source: Portfolio Online Financial Journal
15.09.2009