Hungary's Forint Leans Towards Strenghtening Amidst Lighter Global Mood
- 21 Apr 2010 5:00 AM
"Global investor sentiment is on the mend, which has lent some momentum to Hungary’s forint against the euro, as well. The international macro calendar is relatively empty therefore US corporate earnings reports and the economic/financial implications of the Icelandic volcano eruption are prone to affect investors’ mood today.
Hungary’s forint firmed to 264 against the euro in early Wednesday morning from 265 late Tuesday amidst gradually improving global sentiment. European stock exchanges opened with gains today and US futures indices indicate increases, as well.
The gradual reopening of European airspace had a lot to do with the lighter mood, just like the fact that the International Monetary Fund (IMF) cut its estimate on crisis-related losses, and that Axel Weber, President of Germany’s Bundesbank and also member of the European Central Bank’s (ECB) Governing Council, said he never estimated that Greece will need as much as EUR 80 billion in financial assistance to avoid default.
The HUF stagnated at around 196.50 versus the US dollar and appreciated to around 184 from 184.50 to the Swiss franc on the interbank market."
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