Forint Slips to Weakest in 2 1/2 Years in Hungary Holiday Trade

The forint slid to its weakest versus the euro in 2 1/2 years as renewed concern Greece may default drove investors from riskier assets worldwide while Hungarian markets were closed for a state holiday.

The Hungarian currency depreciated as much as 1.5 percent to 307.63 per euro, its weakest intraday level since April 2009. The forint traded 0.9 percent down by 9:21 a.m. London time, adding to a 3.2 percent slump in October.

Global stocks sank and most emerging-market currencies slid as investors fled to the relative safety of German government bonds after Greece announced a referendum on the European Union’s latest bailout plan. The move risks pushing the nation into default if voters reject the EU’s financial accord.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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