The Hungarian forint on Friday opened
weaker than central parity at 282.36
EUR/HUF. The main reason behind the
negative mood on the Hungarian market
was the escalation of the conflict in Middle
East and global risk aversion. In the
afternoon the forint tracked the recovery in
Polish markets and firmed up to 280.85
EUR/HUF, which was still lower than
Thursday’s closing values.
Today the event of the day will be the
decision of president Laszlo Solyom,
whether he signs the tax law proposal or
sends it to the Constitutional Court. The
latter would mean a considerable delay in
implementation of the fiscal package, and
this might be a negative for the markets. But
even if the president signs the tax law,
trading will stay jittery due to the persisting
Middle East conflict.
(CSOB - Investment research)