In uneventful session the Hungarian
forint initially gave back Friday’s gains but
later in the session the unit firmed in line with
polish zloty and Slovak koruna and ended
the session basically unchanged at
EUR/HUF 255.75.
Due to the lack of
domestic events the trading volumes were
rather thin. As the first half of this week is
without important domestic economic data
releases, the forint also today will be driven
mainly by regional market sentiment, which
should profit from the rise of US stocks. On
the other hand we believe that the level
EUR/HUF 255.0 is a very strong barrier and
thus possible gains of the forint should be
rather limited.
EUR/HUF (30 days): Looking for a
bottom?
(CSOB - Investment research)