Hungary’s forint has eased only moderately against the euro in Monday’s trading, but the deteriorating global sentiment has still pushed it back to the 265-280 range it has been hovering in for nine months.
Up until the opening of US stock markets in the afternoon (CET), global mood was gloomy, as a result of which the HUF depreciated to 265 from opening levels of around 264. In the second half of the afternoon, sentiment has lightened up a bid and the forint firmed a tad against the single European currency.
Investors remain all ears about - often controversial - reports on a possible bailout of Greece. The EU summit this Thursday may be crucial in this regard. Greek asset prices remained underperformers today as dangers of sovereign default rise. As a consequence, the US dollar has firmed to 1.3460 versus the euro, the strongest level over the past month for the greenback.
The HUF first weakened to around 197 to the USD during the day and then corrected back to opening levels around 195.50.
Yields have risen substantially on the secondary market of government securities today, as a correction of the past weeks’ major yield drops, which is attributable to the worse global sentiment.
You find more about today's FI market developments at the link below.
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