Hungary’s forint opened slightly weaker on Monday than its closing level on Friday, whereas the USD dollar has also started to ease against the euro at sub-1.10 levels, after it appreciated significantly last week. EM currencies mostly eased, but no market-moving data are in the pipeline for today, but comments from central bank officials in the evening may be worth paying attention to.
HUF is quoted at 306.23 to the euro, 0.1% weaker than late on Friday. It stands at 278.78 against the USD and at 281.90 to the Swiss franc. The forint depreciated mostly in the second half of Friday, after it briefly visited levels around 305 during the day.
As for the forint’s regional peers, Poland’s zloty also kicked off today’s session by easing 0.1% to the euro, while the Czech koruna stagnated. On emerging markets in a wider sense, the Russian rouble appreciated slightly after Fitch improved its negative outlook on the country’s sovereign rating to positive. Meanwhile, Turkey’s lira eased 0.1%, just like South Africa’s rand.
The USD gained 1.5% versus the euro last week, crossing south of 1.10. What we are seeing right now is the correction of that appreciation (-0.2%). Meanwhile, Japan’s yen firmed 0.06% to the USD, while the GBP shed 0.05%.
There are no key macro releases in the pipeline for today, but FOMC member Stanley Fischer is scheduled to talk in the evening (Hungarian time), and ECB President Mario Draghi will also speak at an event today.
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