Hungary Forint Starts Off On Weaker Footing Over Mood Decay

  • 14 May 2010 4:00 AM
Hungary Forint Starts Off On Weaker Footing Over Mood Decay
"Global investor sentiment has deteriorated somewhat since late Thursday, which nudged Hungary’s forint away from its over-one-week high versus the euro. The US dollar remains extremely strong to the EUR and is currently around its 12-m high. A number of key US macro data are in the pipeline for today that could have a marked impact on investor sentiment.

EUR/HUF eased to around 273.50 in the early morning session on Friday from around 271.50/272.50 on Thursday afternoon. The depreciation came about on the back of a drop in US stock indices that scarred Asian markets today, as well. The EUR/USD cross is also a reflection of the more cautious investor sentiment. It remains around 1.25, which marks the strongest level for the greenback for over a year.

The HUF has weakened to the USD to 217 by now from around 216.50 late on Thursday and it has eased to 195 from 194 versus the Swiss franc. European futures stock indices are down by about 0.5%, while US markets indicate neutral opening.

April retail figures will be released in the United States at 14:30 CET, to be followed by industrial production statistics at 15:00 and the Michigan consumer confidence index for May before 16:00. All these data are market movers."

Source: Portfolio Online Financial Journal

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