The Hungarian forint shrugged off relatively unfavorable domestic statistical releases
concerning a higher-than-expected CPI and lower GDP growth and hovered in
a tight range around EUR/HUF 253.5. Significant impetus came in the afternoon from
U.S. Federal Reserve Chairman Ben Bernanke, who said that inflation pressures
were starting to ease while the U.S. economy remains healthy. This comments supported
the whole region and the forint closed the session at EUR/HUF 252.4.
Today the domestic economic calendar is empty. We expect that the positive sentiment
towards emerging markets should persist. However, the given current strong
values of the forint against the euro, we think that the room for more gains of the
forint should be rather limited.
ČSOB - Investment research