Hungary’s forint started Wednesday trading at around 312 versus the euro, which means it remains glued to this level. Meanwhile, Japan’s yen eased on the back of a remark by a central banker, while Turkey’s lira kicked off the day by some appreciation.
EUR/HUF was quoted at around 311.90 to the euro on Wednesday morning, practically unchanged compared its late Tuesday level. The HUF is around 252.95 against the USD and at 269.95 versus the Swiss franc. The forint has been unable to break out of the 310-312 range against the euro for week. It seems it would need new impetus to escape this confinement.
As for the forint’s regional peers, Poland’s zloty and the Czech koruna started today by firming against the single European currency, while on emerging markets, Russia’s rouble eased 0.2% to the USD, while Turkey’s lira gained 0.2% and the ZAR also weakened.
The dollar has strengthen some more today morning against the euro, by 0.1% to 1.2328. In the meantime, JPY depreciated by almost 0.5% against the USD, after a key diplomat of Japan noted that the currency’s recent firming is bad for the country. The British pound showed no meaningful shift flat so far.
European purchasing manager indices will be in focus in the morning, and the Federal Reserve will release the minutes of its January policy meeting in the evening (Hungarian time), which could also trigger shifts on FX markets, should the minutes contain some guidance for future Fed moves.
