Hungary's forint kicked off the week right below the psychological level of 300 versus the euro, exactly where it settled down after a major depreciation last Friday. Global investor sentiment is not supporting a revival of the HUF.
Prime Minister Ferenc Gyurcsány said over the weekend that it was disturbing that EUR/HUF is around 300, as the weaker forint is putting extra burdens on foreign currency debtors.
Meanwhile, the euro slumped to a two-week low versus the US dollar this morning, which move usually causes easing in emerging European currencies.
Poland's zloty and the Czech koruna have clearly swung towards weakening and the HUF is hovering around 298-299 to the EUR. The question is how long the psychological barrier at 300 can hold off the depreciation waves of the forint that have been recurring for weeks.
Due to the greenback's firming on international markets, the forint eased to near 235 vs. the USD, to a weaker level than its worst on Friday.
Against the Swiss franc, the HUF started Monday's session above 200 on the interbank market.
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