Monday morning is off to a good start for the forint, we see a slight strengthening of it with euros opposite. One euro costs HUF 407 50 this morning, which means a 0.2% strengthening of the forint against the euro. Last week, the quotation was above 410.
The dollar is slightly weaker against the euro after strong gains in the previous weeks. The quotation came down to 1.054 against the euro, we are now seeing some correction of this, we are seeing a 0.1% weakening of the dollar today.
The forint will probably strengthen as a result of this.
The HUF a with dollars on the other hand, it is strengthening by definition, it has strengthened by 0.3% so far this morning. One dollar costs 386 forints 50 fils now, which is very close to the almost two-year low reached by the forint against the dollar in the previous days.
We don’t expect any important market-moving news today, but we do expect it in the rest of the week. The Magyar Nemzeti Bank will hold an interest rate meeting tomorrow, the central bank’s message may bring movement in the forint. In addition, European purchasing managers’ indices will come this week, which may affect the ECB’s interest rate expectations, but there will also be a Chinese interest rate decision and Japanese inflation, which may affect the global mood.
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Source: www.portfolio.hu
