The Hungarian forint (HUF) firmed against the euro on Thursday and was quoted mostly below 250.00 to the European currency. Meanwhile, government bond yields dropped slightly on the secondary market.
Hungary’s forint opened at around yesterday’s closing levels (250.00/30) versus the euro and by around 1600 local time it firmed to 249.20/50, or 11.7% above parity within its flotation band.
Hungary’s public sector deficit data for July is going to be published at around 1700 local time, after markets close. According to the Finance Ministry’s projection, the deficit will swell by HUF 89 billion in July, pushing the seven-month gap to 95% of the annual target.
With forint’s strengthening government bond yields fell on the fixed income market. The largest drop was in the 3-year segment, where the reference yield went down by 5 basis points to 10.15%.
The Government Debt Management Agency (ÁKK) put 5-year and 10-year bonds on auction today. Both bonds were oversubscribed. The yield in the shorter segment rose by 1 basis point from Wednesday, while it went up by 6 bps at 10-year bonds.
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