"Hungary’s forint has started the day on a strong footing as global investor sentiment brightened up. GDP figures in CEE are likely to be the key driving force for the currencies in the region today.EUR/HUF has firmed to below 270 in the early Friday session (269.50), while it eased amidst gloomier global mood on Thursday afternoon.
US stock indices closed Thursday’s trading with losses and Asian markets also fell, while the USD has been cautiously gaining against the euro and reached 1.4880 ahead of GDP data in the European pipeline.
Analysts believe an in-line Q3 GDP number from the euro zone will prop up the single European currency vs. the greenback. Keen investors’ eyes are also on Germany’s third-quarter GDP data.
Hungary’s Central Statistics Office (KSH) is also set to release its own Q3 GDP figure shortly. According to the consensus forecast of analysts in a Portfolio.hu poll, Hungary’s economy contracted by 6.6% yr/yr in Q3, but the more optimistic respondents foresee growth on a quarterly basis.
Economic output data will also be published in the Czech Republic and Romania and the KSH will issue detailed IP figures at 09:00 CET."
Source: Portfolio Online Financial Journal
13.11.2009