"Although Hungary’s forint has firmed markedly against the euro in Thursday’s afternoon session, it seems to be moving on shakier feet on Friday.US stock market indices jumped by about 2% yesterday and Asian bourses ticked higher by about 1.5% today; and a similar move is expected from European markets when they open.
The US dollar has depreciated some to the EUR as sentiment improved substantially on the back of a good GDP data (growing risk appetite works against the greenback). Under such external conditions the HUF minor wobbliness may be only transitional and EUR/HUF could possibly return to sub-270 levels.
After hitting 275 on Thursday, the forint started to strengthen intensively versus the euro and gained back to around 271 by the evening. It opened around that level today. Against the USD the HUF is quoted at around 183.50, a lot firmer than late Thursday’s 186.50. The forint has also appreciated versus the Swiss franc to around 180 from 182."
Source: Portfolio Online Financial Journal
30.10.2009