Not even the submission of the new
convergence programme to European
Commission had any impact on the
Hungarian currency, since key figures in the
plan were unchanged from a draft from late
August. Thus the forint was slightly
retreating throughout the whole session,
ending at 278.0 EUR/HUF.
Today the economic calendar is empty and
we do not expect any significant impetuses
from other markets as well (US markets are
closed today). We expect modest turnover
and the forint should hover around the
current values. On the other hand any
positive comments on convergence
programme from European Commission can
help the forint to recover slightly.
(CSOB - Investment research)