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Print Print 2019-11-12

Forint slips

The Hungarian forint eased to its lowest point in nearly five weeks against the euro on Monday, continuing a week-long slide along with other central European currencies as global concerns reduce the market's appetite for riskier assets.
Published November 12, 2019

The Hungarian forint eased to its lowest point in nearly five weeks against the euro on Monday, continuing a week-long slide along with other central European currencies as global concerns reduce the market's appetite for riskier assets.

Budapest's index fell 0.7%, while Warsaw was closed for a national holiday. Poland's zloty lost 0.2% to 4.274 to the euro.

The forint slipped 0.2% to bid at 334.25 to the euro, falling more due to a determined ultra-dovish stance from the central bank even as inflation picks up.

Romania's leu steadied on Monday after recent falls as the country's assets see more pressure from budget deficit worries.

The Romanian currency, like the forint, has weakened since the summer months while the zloty and Czech crown have firmed.

Czech rate setters have continued to discuss more rate hikes even as central banks elsewhere around the world shift to easing policy.

The crown is sitting near its strongest level since July but was bid down 0.1% at 25.51 to the euro on Monday.

"It is a slow start to trading. The crown is tracking the region," a Prague trader said. The trader added that the crown was unlikely to ease too much in the coming days.

Copyright Reuters, 2019

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