The forint’s large firming momentum fizzled out on Wednesday and the Hungarian currency tends towards weakening in early Thursday trading against the euro. EUR/USD has been unusually stable for one and a half days now.
The HUF appreciated to a three-week high of 277 to the EUR yesterday but corrected back to 279 by the evening. It opened today’s session at 278 and moved right to 279. With no impetus from global markets, the forint is unlikely to start gaining again just yet.
The HUF weakened to 208 from 205 versus the Swiss franc on Wednesday and eased to 219 from 218 to the USD. The EUR/USD exchange rate has been confined to a narrow range between 1.27 and 1.2750 for one and a half days now apart from a brief spike to 1.2780, which marks a new two-month high for the euro.
A number of key data are in the US macro calendar for today (14:30 CET: Producer Price Index, Jobless claims, NY Fed Survey; 15:15 CET: Industrial Production; 16:00 CET: Philadelphia Fed Survey), and the season of earnings reports also continues for US corporates with JPMorgan being the next today.
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