Forint rises against euro, more versus the dollar after US data
The forint was trading at 300.28 to the euro late Thursday on the interbank forex market, slightly up from 300.48 late Wednesday. At 300.49 to the euro early Thursday, the forint moved between 299.82 and 302.47, a six-day low after a six-day high at 296.82 Tuesday intraday.
Falling further in the morning, the Hungarian currency turned around Thursday afternoon after more-than-expected weekly US initial jobless claims, and a worse-than-expected April US manufacturing survey with the slowest growth since January pushed back expectations for an early Fed tightening, easing dollar pressure.
The forintʼs rise, however, was capped by investorsʼ reluctance in view of dismal preliminary manufacturing and services surveys in the euro zone and Asia, too, and ongoing worries concerning Greeceʼs debt talks with its international lenders.
Rising faster in the secondary market than those of Hungarian sovereigns, US Treasury and German bund yields also kept the forintʼs gains under lid.
The forint traded at 277.82 to the dollar, up from 280.20 late Wednesday. On Thursday, it moved between 277.42 and 282.73, a one-week low, after a one-week high at 276.84 Tuesday intraday.
It was quoted at 290.74 to the Swiss franc, down from 288.97 late Wednesday. Its range on Thursday was 288.71 to 291.78 after a one-week high at 288.21 Wednesday intraday. Since its crash to an all-time low at 378.49 on January 15 when the Swiss central bank scrapped its cap of 1.20 to the euro, it reached the highest at 281.07 on February 26.
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