Yesterday, there weren’t any important
statistical releases in Hungary, but this
didn’t prevent the forint to firm against the
euro by around 1% to end the session at
EUR/HUF 257.80. Also other Central
European currencies recorded significant
gains though stocks at global markets were
losing.
Late in the afternoon there was interesting
information from domestic political front as
the parliament did pass the new pension
law, which discourages workers to opt for
early retirement.
Today’s session is again devoid of economic
releases. Yesterday’s pension law approval
might have a slightly positive impact on the
forint but we believe regional sentiment will
be decisive again. The sharp correction on
the US stock market might affect the
sentiment towards emerging markets in a
negative way and we see a risk that
yesterday’s forint gains might not be
sustainable.
EUR/HUF (30-day): CE currencies resilient
to growing global market nervousness.
(CSOB - Investment research)